AI law startup Norm on Tuesday announced it has raised $120 million in a Series C funding round led by Khosla Ventures, valuing the nearly three-year-old startup at $1.2 billion.
Norm has built an AI-native law firm called Norm Law. The law firm uses its own AI agents and employs human lawyers to supervise them and provide legal services to corporate clients. We are also building AI agents that can supervise other AI agents as they perform tasks.
In contrast to other industries, the company charges its customers based on results rather than by the hour.
Norm is one of a number of legitimate AI startups that have emerged in recent years, including Harvey and Legora, to capitalize on the need to automate tedious tasks.
Other investors in Norm's Series C include Bain, Craft Ventures, Coatue, Vanguard, New York Life, TIAA, Tony James (former president and COO of Blackstone), Jeff Hammes (former chairman of Kirkland & Ellis), and Fenwick LLP. The new capital will be used to build the product and hire more lawyers.
The company has raised more than $260 million in funding to date.