Esquify, the breakthrough legal technology for human document review, has secured a $710,000 seed round of funding to aggressively accelerate growth, marketing and execution of product roadmap.
Network Ventures led the investment round with participation from existing and new investors including Foley Ventures, the investment arm of national law firm Foley & Lardner LLP, and Bridge Investments, a Chicago-based venture capital firm. The investment brings Esquify’s total funding since launching its revolutionary platform to $1.25 million. Network Ventures’ Managing Director, Jeff Maters, will join Esquify’s Board of Directors.
In an industry that has been struggling to contain costs and achieve reliable results, Esquify employs proprietary, machine learning technology in eDiscovery to deliver productivity benchmarking tools and analytics that not only heighten cost efficiency in legal document review but also increase overall accountability and quality.
“We’re excited to be bringing a fresh perspective with tangible efficiencies to the world of law,” said Drew Stern, Esquify Founder and Co-CEO. “We’re growing the next big thing in legal discovery, using technology to power human reviewers for large to small firms and Fortune 100 companies.”
Unlike the traditional approach to legal review, which sits a handful to hundreds of qualified attorneys in a law firm or review agency’s bullpen to scour millions of documents, Esquify transforms the document review experience by employing cutting-edge productivity technology which supervises reviewer teams remotely, simultaneously and at scale. Equipped with communications features and real-time analytics on performance and progress, the solution drives 25%+ more efficient reviews and client cost-savings of 25%–45% or more, cutting down thousands of hours of review time and saving hundreds of thousands of dollars for Esquify clients.
“We created Esquify after realizing there was an opportunity to change the game in a broken area of the legal world,” said Scott Stuart, Esq., Esquify Founder and Co-CEO. “By innovating in the space where law and technology meet, we’re making eDiscovery more effective and productive and bringing this critical area of law into the future.”
“With so much spent on document review in eDiscovery, Esquify is going after a massive market with a ton of inefficiencies,” said Jeff Maters. “Scott and Drew bring their legal and technology backgrounds to build an offering that is exactly what the industry needs.”
The seed financing builds on an exceptional year for Esquify, which saw rapid growth of over 500%. In addition, the company added marquee firms to their client roster, and received national recognition via market and award recognition in the innovative world of legal technology.
“We’re thankful to the Chicago tech community as well as eDiscovery insiders for helping Esquify grow as much as it has, and look forward to what the future brings for us and the industry,” added Stuart.
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