In a move to enhance the legal composition process and research, Paxton AI has raised 6 million USD in seed funding for the development of its AI platform.
WVV spearheaded the funding, with notable participation from 25Madison and Kyber Knight. Other investors include Gaingels, Voyager Capital, former Citi Head Richard Parsons and former compliance chairman of Goldman Sachs, Robert Mass.
Paxton AI offers a platform that is ChatGPT-like but made specifically for lawyers. The company said since the launch of the platform two months ago, different law firms and in-house legal groups have adopted it.
Why Paxton AI?
The company hopes to extend its reach with the fund and ensure that the platform is accessible to all legal firms and professionals. This will be particularly useful for professionals who want to reduce their workload and focus on the things that matter.
Unlike some of its competitors, the company backs up its claim with citations so that it can be verified. Paxton also allows its users to upload personal documents and research on the platform for further analysis. Additionally, Paxton updates its dataset frequently with tracks of all US state and federal laws and regulations.
Paxton also follows the guidelines of the American Bar Association on legal AI. The platform can be used behind a company’s firewall with the option of isolating access to data by practice matter
According to the Managing Director of WVV Capital, Jason Franklin, Paxton AI will transform the style of working in legal firms. The company’s potential to cut down the time spent on research while still maintaining accuracy in its responses is why WVV chose to invest in it.
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