Juristat, which has developed software that provides statistical analysis for patent applications, says investment from a private equity firm will help it significantly expand its team.
The St. Louis-based legal technology startup said this week it has received investment from New York-based MBM Capital. Financial terms of the deal were not disclosed.
Founded in 2013, Juristat's technology is designed to predict patent examiner behavior and the company says its customers include 25% of the top patent law firms, as well as businesses including Taiwan Semiconductor Manufacturing and electronics firm Lenovo. Juristat also provides workflow automation software that uses artificial intelligence to complete administrative tasks related to patent filings.
Juristat founder and CEO Drew Winship said MBM’s investment will help expand Juristat’s team and bolster its technology.
“Juristat’s emphasis on transformative transparency and equity in the patent system, combined with their approach to new technologies positions them to be a leader in the legal tech industry,” said Arun Mittal, managing partner at MBM. “We are thrilled to be part of their journey.”
MBM said it focuses on providing capital to companies that have formerly been supported with venture capital. Its investment portfolio includes companies in the human resources technology, financial technology, data and e-commerce industries. Juristat has previously raised financing, including a $2.4 million funding round in 2019 led by St. Louis-based Arsenal Capital Management.
Winship said the investment "marks a strategic milestone" that enables his firm to pursue growth more ambitiously.
"We’ve spent a decade creating a name for ourselves in the space for delivering an exceptional product and support – with a fairly small staff and often limited resources. It's a position familiar to many startups," Winship said. "Against all odds, we've thrived, gaining clients like Polsinelli, Armstrong Teasdale, Lewis Rice, and Husch Blackwell. This partnership with MBM is going to help us scale and enter a new phase of growth."
The investment is expected to be used by Juristat to hire additional employees and boost its technology. The firm plans to add staff both in St. Louis and across the U.S., Winship said. Juristat currently has 50 employees and projects increasing its headcount by 50% in 2024. It plans to hire for roles across the company, including for commercial and product development teams, and bringing on additional executives.
Winship declined to disclose revenue growth figures, but said MBM's investment puts it in a strong position.
"I am excited about the growth this investment will bring in 2024 and beyond. Our customer list already speaks for itself, and we’re looking forward to adding even more names to it," he said.
