Blue J Legal, a Toronto-based software platform focused on the legal industry, has secured about $9.3 million (US$7 million) in a Series A financing.
The round was led by Canadian mobile venture capital firm Relay Ventures. It was joined by new investor LDV Partners, as well as existing investors Mistral Venture Partners and BDC Capital.
Founded in 2015 by CEO Benjamin Alarie, Blue J’s platform uses machine learning and artificial intelligence to enable legal research, initially in the fields of tax and employment law. Over the past two years, it has signed on more than 100 clients.
The company will use the funds raised to establish a foothold in the U.S. market, expand its product suite, and grow its go-to-market and product development teams.
As reported by PE Hub Canada last year, Blue J was the first investment of Mistral Venture Partners II.
Photo: Benjamin Alarie, founder and CEO of Blue J Legal.
Blue J Legal Raises US$7MM to Support US Expansion
TORONTO – November 29, 2018 – Blue J Legal today announced that the company has raised US$7MM in a Series A financing round led by Relay Ventures, with participation from Silicon Valley-based LDV Partners, and returning investors Mistral Venture Partners and BDC Capital. Blue J Legal will use this injection of capital to establish a foothold in the U.S. market, expand and enhance its product suite, and grow its go-to-market and product development teams.
Since its inception in 2015, the team at Blue J Legal has grown to more than 30 employees. Over the past two years, the company has signed on more than 100 clients for its Tax Foresight and Employment Foresight products. Osler, Hoskin & Harcourt LLP, Fasken, Gowling WLG, Miller Thomson LLP, and Collins Barrow are among the market-leading law and accounting firms that rely on these products, which are powered by machine learning and artificial intelligence (AI).
“Bringing clarity to the law, everywhere and on-demand, is the foundation for the next generation of legal research,” says Benjamin Alarie, CEO of Blue J Legal. “Our rapid expansion and success in the Canadian market is testament to this. With the ongoing support and confidence of our investors, we will grow our team, bring our proven technology to the U.S. market, and expand our product portfolio.”
Blue J Legal’s growth is buoyed by the success of its Tax Foresight and Employment Foresight solutions. Tax Foresight helps tax professionals determine the strength of their tax position by applying AI to previous judicial decisions and allowing practitioners to find cases by facts and outcomes instead of keywords or citations. Employment Foresight, which launched late in 2017, gives employment lawyers and in-house counsel clarity on how the courts would resolve challenging employment law issues.
“Blue J Legal’s artificial intelligence solutions are being rapidly adopted by top legal and accounting professionals because the technology can quickly inform and influence professional advice through insights derived from machine learning applied to case law,” said Alex Baker, partner at Relay Ventures. “In addition to this significant market validation, the company brings together a great team with a unique skillset that includes law, statistics, and technology. This combination is exactly what we look for when making early stage investments.” Concurrent with the funding round, Baker is joining Blue J Legal’s board of directors.
About Blue J Legal
Blue J Legal uses machine learning and artificial intelligence to make the law more transparent and accessible. The company’s technology saves users hours of time and offers confident answers in challenging circumstances. While the company’s initial focus is on tax and employment law, the technology is versatile and is being extended to cover other areas of law in the U.S., Canada, and around the world. For more information, visit www.bluejlegal.com.
Boulevard Public Relations