A Tunbridge Wells law firm, specialising in commercial and employment law within the technology sector, has secured £530,000 from Reward Finance Group to launch its new AI-powered contract management product.
The firm, Law365, developed this product to streamline contract creation, review, and electronic signing.
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Kim Simmonds, the owner of Law365, identified the potential to enhance their services through AI and machine learning. In early 2020, the company invested in a proof of concept to automatically generate contracts for tech-focused clients, leading to the development of Cloud Contracts 365.
In September 2022, Law365 received grant funding to accelerate Cloud Contracts 365’s development. This enabled the company to hire an in-house development team, who worked closely with the existing staff on further enhancements.
Following comprehensive research as a Microsoft Partner, Cloud Contracts 365 was launched as a subscription-based service. The pricing model starts at £99 per month for basic services, reaching up to £12,000 per annum for more advanced features.
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By GlobalDataAlthough Law365 and Cloud Contracts 365 operate as separate entities, they share clients. Cloud Contracts 365 offers a baseline service, while Law365 provides more complex legal input as clients’ needs grow.
To continue marketing and developing their product, Kim Simmonds sought funding from Reward Finance Group, which provides tailored finance solutions for SMEs and property investors. This funding will serve as a cash flow buffer for ongoing product development.
“We’ve worked hard to establish a successful business, growing to 30 employees. Evolving our AI product is key for our future growth and commitment to providing high-quality service and the latest technology. Our AI platform will produce legally binding contracts quickly, ensuring our clients aren’t left vulnerable,” Simmonds said.
She added, “We needed an agile funding solution for future development, and Reward’s reputation for delivering fast funding solutions was ideal. The flexibility throughout the borrowing process has alleviated many financial challenges.”
Simon Adcock, regional director for London and the South East at Reward Finance Group, commented, “AI is transforming businesses, and Kim has found a niche in the law market. The funding we provided ensures Cloud Contracts 365 can continue to develop and deliver high-quality service to its tech clients. We are excited to support their growth journey.”
The funding deal was brokered by Gillian Palmer at Lending Made Simple.
