Reynen Court secures next round of funding to accelerate growth

Global News

28
Oct
2020

Editor

Reynen Court has secured $4.5 million of further funding to accelerate growth. Global venture capital firm Ventech led the round which included Clifford Chance and Latham & Watkins, who together led the company's initial $10 million financing, as well as Prins H LLC, an investment vehicle controlled by Reynen Court's founder and CEO Andrew D. Klein.

Founded in 2018 with wide support from a consortium of nineteen leading global law firms, Reynen Court has built and launched a platform - akin to an app store for legal technology - that makes it fast, easy and secure for law firms and in-house legal departments to discover, test, adopt and manage Artificial Intelligence, Smart Contracts and other new technologies.  Latham & Watkins and Clifford Chance serve as co-chairs of the consortium. Nearly two hundred third-party application vendors are actively engaged with Reynen Court, with more than a hundred already under contract and currently present or working towards participation in the Reynen Court solution store.

"We are extremely proud to announce our new funding which will support the expansion of our team and thus the speed at which we can further develop our platform and business," said Mr. Klein, a serial technology entrepreneur who started his career as a securities lawyer at Cravath, Swaine & Moore.  "We are very grateful for the continued confidence expressed by Ventech, Clifford Chance and Latham & Watkins."

Ventech managing partner Jean Bourcereau commented: "We have been closely watching the evolution of the legal tech environment globally and became convinced last year that the platform Reynen Court has created is going to accelerate the adoption of AI and other next-generation technologies in the industry.  We had the chance to invest a small sum in the final closing of the company's first round. We are now making a more substantial investment because we are hugely impressed with the scope and sophistication of the platform that has launched, the maturity and diverse talents of the management team and, of course, with the unprecedented support of so many of the world's leading law firms."

"Ever since our early involvement co-chairing the law firms supporting Reynen Court's development, we have believed it could unlock the potential of legal technology for our clients, for us, and the industry as a whole," said Paul Greenwood, the Clifford Chance Chief Information Officer. "We believe this now more than ever in light of the rapid acceleration in adoption of new technology in the legal sector catalysed by the outbreak of COVID-19."

"Reynen Court has made great strides to enhance its platform and significantly expand the vendor pipeline," added Ken Heaps, Chief Information Officer at Latham & Watkins. "The team is building a powerful platform that is not only well-positioned to increase the uptake of new technologies, but in fact to foster innovations that can scale to firms’ needs. We are delighted to be part of Reynen Court’s continued growth and long-term success."