This announcement will be remembered as an important moment in legal innovation for years to come.
The Atrium Announcement
Alt.legal has covered legal innovation in depth for over four years, and we believe this announcement will be remembered as an important moment in legal innovation for years to come.
Today, Atrium is announcing that it has raised a $65 million round of funding, almost exactly one year after announcing its $10.5m seed investment. This investment round is led by the preeminent venture fund Andreessen Horowitz (“a16z”), with YC Continuity, Sound Ventures (Ashton Kutcher’s fund), and General Catalyst as co-investors.
Atrium is the startup law firm + tech company (Atrium LLP + Atrium LTS, together referred to as “Atrium”) founded by Twitch founder Justin Kan, former Orrick partner Augie Rakow and Nick Cortes. We reported a year ago (Parts I and II for your recollection) on the launch of their quest to change how law is practiced by starting a unique law firm + tech company parallel model. Since then, Atrium has helped more than 250 clients raise a total of over $500 million in primary financing, with a slate of clients to be envied including Alto, Bird, MessageBird, and Sift Science.
Atrium also acquired the technology and team from Tetra, a YC company with AI that supports Atrium’s mission to transform legal documents into structured data.
Tech heavyweights Marc Andreessen (the living legend), Andrew Chen (former Uber senior executive and now with a16z) and Michael Seibel (CEO of Y Combinator accelerator) will be joining Atrium’s board.
More details can be found in the press release here.
The Interview With Justin Kan
Any fraction of this announcement would be viewed as game-changing news in legal tech, but taken together, it crosses into uncharted territory. Although the legal technology ecosystem of investors and startups is growing and becoming more complete, high-profile venture investments from Silicon Valley’s top names are extremely rare. We find the sequence and timing of this announcement, merely one year after Atrium’s launch, particularly compelling. And the sum of the cash infusion, $76.5M over a 12-month period, is astounding for any industry and simply unheard of in legal. This is why we feel we are witnessing a historic moment for legal innovation.
Justin reached out to us for this news, and we are the first and only legal publication contacted at the time this story is going live (there will be coverage in tech outlets, which underscores how this is bigger than legal tech). We could not resist an interview with him to get more of his insights and reflections.