DISCO today announced the completion of its $100 million fourth-quarter financing, bringing total investment in DISCO to $235 million and valuing the company at $785 million.
The financing includes the previously announced $60 million in equity from Georgian, LiveOak Venture Partners, Bessemer Venture Partners, the Stephens Group, and Breyer Capital, and an additional $40 million in debt from Comerica, closed this week.
Investor confidence in DISCO demonstrated by this financing, coupled with the company’s recent rankings on the 2020 Deloitte Technology Fast 500 and the Forbes Cloud 100, validate DISCO’s position as the leader in legal technology. More than 700 corporations, law firms, and government agencies partner with DISCO to help them find evidence in litigation and investigations. Lawyers use DISCO in some of the most important cases in the world, including the 737 MAX litigation, the opioids litigation, and public investigations into government responses to COVID-19 worldwide.
“Legaltech is booming now, and the industry’s real growth has only just begun,” said DISCO CEO Kiwi Camara. “Over the next five to 10 years, legaltech will emerge as the next high-growth category of enterprise software. We are delighted to see investors acknowledge DISCO’s position as the category creator and category leader for legaltech. Legal departments and law firms are embracing the power of artificial intelligence to automate away the parts of the practice of law that don’t require human legal judgment, freeing great lawyers to do the work that only they can do.”
DISCO will continue to invest in building AI-powered solutions that address the entire litigation lifecycle. DISCO solutions include the DISCO cloud technology platform, software products like DISCO Ediscovery and DISCO Case Builder, and productized legal services like DISCO Managed Review. DISCO is aggressively expanding its sales and marketing capabilities in North America, and will continue to grow its presence in EMEA and APAC. The company is also building its strategic channel program and engagement with global service providers.
“Comerica is thrilled to continue our long-term partnership with the DISCO team through the expansion of our existing financing relationship,” said Kevin Urban, Senior Vice President & Group Manager, Comerica Technology & Life Sciences. “DISCO continues to differentiate itself in the market with its products, services, and vision for how technology can transform the legal function.”
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