Connecticut Innovations Invests $500,000 in eBrevia
Rocky Hill, Conn. (PRWEB) November 26, 2014 -- Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced it has invested $500,000 in eBrevia, a legal technology company commercializing artificial intelligence developed at Columbia University to assist corporate attorneys, in-house counsel, and business executives in performing contract-related tasks more efficiently, cost-effectively and accurately.
CI led the $1.5 million round as a follow-on investor and significant investments were also made by The Mohegan Tribe of Indians of Connecticut and other private investors. CI invested $150,000 in eBrevia through its pre-seed program in November 2012.
“eBrevia continues to develop and offer innovative solutions that support attorneys at law firms, in-house counsel and business executives by automating tasks, which save time and money,” said Douglas Roth, director of investments at Connecticut Innovations. “This investment will allow the company to fund product development, increase sales and marketing efforts and grow the team to meet the demand for its products.”
eBrevia’s software uses machine-learning techniques to extract and summarize legal provisions and key information from a wide array of legal documents. The company’s products have applications for due diligence, contract management and document drafting.
“Law firms and corporations continue to look for ways to increase efficiency, improve accuracy, and cut costs,” said Ned Gannon, a former corporate attorney and co-founder and CEO of eBrevia. “Our software streamlines the legal due diligence process in mergers and acquisitions by performing 50 to 60 percent of the work up front. In addition, in-house legal departments can use our software to extract and track obligations in their existing contracts.”
Roth represents CI on eBrevia's board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit http://www.ctinnovations.com.
About eBrevia
eBrevia is commercializing artificial intelligence technology developed at Columbia University to assist corporate attorneys, in-house counsel, and business executives in performing a variety of contract-related tasks more efficiently, accurately, and cost effectively. Using machine-learning techniques, the company’s software can extract and summarize legal provisions and key information from a wide array of legal documents. The company’s products have applications for due diligence, contract management, and document drafting. eBrevia was one of four national winners in the Startup America DEMO Competition and received the Connecticut Technology Council’s Most Promising Software Product of the Year award.
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Lauren Carmody, Connecticut Innovations, http://www.ctinnovations.com, +1 860.258.7829, [email protected]
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