StructureFlow, a London-based start-up that creates visual models of complex legal transactions, has picked up $6 million in fundng led by US-based fintech fund FINTOP Capital, with additional investment from Venrex, part of Select Equity Group, a US asset management fund.
The latest funding brings the company’s total investment to £10.5 million.
StructureFlow is a flexible tool permitting client conversations around complex deals on a visual basis, permitting lawyers to ‘manipulate’ documents more easily. It is used by a number of firms including Slaughter & May and Norton Rose among others.
StructureFlow was founded in 2017 by Tim Follett, a former City solicitor who previously worked at Slaughter and May and Farrer & Co, and plans to use the new capital to expand its operations in the United States.
The company is already hiring in the US and, if successful, plans to open an office there next year. StructureFlow’s client base is evenly distributed, with approximately one-third each in the US, UK, and the rest of the world, including Europe, Asia, and Australia.
The company will be participating in a UK government trade mission to Texas next month and entering a six-month legaltech incubator programme in Toronto in June.
After the US, StructureFlow’s next priorities for expansion will likely be Asia and Australia, although there are no immediate plans to set up new offices in these regions.
Currently, around 80 percent of StructureFlow’s clients are law firms, including three out of the five UK magic circle firms and several top 100 US firms.
The client base for the remainder comes from accounting firms and other businesses, which make up 10 percent of the client base, while the remaining clients are in-house legal departments.
StructureFlow’s software utilizes generative artificial intelligence to extract data from uploaded contracts and pre-populate diagrams, which lawyers can then manipulate.
This process, which previously took hours, can now be completed in seconds. The company aims to create a new type of software that visualizes data, with diagrams serving as the means to unlock the inherent power of humans to ingest and understand information through their eyes.
>> See StructureFlow on LawFuelList
