Austin-based legal tech startup DISCO has raised $83 million in new funding in what it says is one of the largest financing rounds ever for a startup in its sector.
The investment round was led by Toronto-based Georgian Partners. Prior investors Bessmer Venture Partners, LiveOak Venture Partners, The Stephens Group and venture debt firm Comerica also pitched in.
That brings DISCO to $135 million in total funding, which it says makes it the highest funded enterprise legal tech company.
DISCO's AI-powered software provides e-discovery services for law firms. It automates often complex and specialized tasks for law firms and helps with workflow. Its AI monitors how legal teams code documents and helps organize files.
“Artificial intelligence is poised to transform the legal industry. As a trusted partner to hundreds of enterprise clients, DISCO is ahead of the curve in securely applying artificial intelligence,” said Tyson Baber, a Partner at Georgian Partners who is joining DISCO's board of directors as part of the new funding.
DISCO was founded out of a boutique law firm in Houston. It relocated to Austin in August last year for the area's talent pool and tech community, and, at the time, it had planned to add up to 150 jobs in Austin over two or three years.
Late last year, DISCO opened an office in London and expanded its deal with Amazon Web Services to host its data in an AWS data center in Dublin.
Its most recent funding round was as $20 million infusion led by Bessemer Venture Partners just over a year ago. The company says its software is used by more than 400 law firms, including 75 of the top AmLaw 200.
“DISCO’s mission is to create technology to modernize the practice of law,” said DISCO founder and CEO Kiwi Camara. “Great legal technology helps great lawyers and legal teams deliver better legal outcomes for their clients. We do this in ediscovery today; over time, we will do this in all areas of legal practice.”
