Paxton Raises $22M to Enhance AI Legal Tech Platform
Deal News | Jan 29, 2025 | Voyager Capital LLC
Paxton, a legal tech startup based in Bend, Oregon, announced that it has raised $22 million in Series A funding. The round was led by Unusual Ventures with participation from Kyber Knight, 25Madison, and Wisconsin Valley Ventures. This latest funding brings Paxton's total capital raised to $28 million. Co-founded in 2023 by Tanguy Chau and Michael Ulin, Paxton employs 20 people and offers an AI-powered platform that automates and expedites research, drafting, and other labor-intensive tasks for legal professionals. The company has experienced significant growth, with a 14-fold increase in monthly recurring revenue and an 8-fold rise in active customers over nine months. The funds will be used to expand the company's technology, team, and meet growing demand. The announcement highlights the growing trend of legal-tech startups leveraging AI to improve efficiency, with other companies like Predict.law, Theo Ai, and Supio taking similar steps in the industry.
Sectors
- Legal Technology
- Artificial Intelligence
Geography
- United States – The company Paxton is based in Oregon, and the funding involves various investors likely operating within the U.S. market.
Industry
- Legal Technology – The article centers around the legal tech industry, particularly in relation to how AI is revolutionizing legal practices and improving efficiency for legal professionals.
- Artificial Intelligence – AI plays a crucial role in the technology developed by Paxton and similar startups, offering enhanced capabilities in research and document drafting for legal professionals.
Financials
- $22 million – The amount raised in Paxton's Series A funding round to fuel growth and technological advancement.
- $28 million – Total capital raised by Paxton to date, including the latest Series A funding.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Paxton | Target company | Company | A Bend, Oregon-based legal tech startup using AI to enhance legal research and document drafting. |
| Unusual Ventures | Lead investor | Company | A venture capital firm leading the Series A funding for Paxton. |
| Kyber Knight | Investor | Company | Participating investor in Paxton's Series A funding. |
| 25Madison | Investor | Company | Participating investor in Paxton's Series A funding. |
| Wisconsin Valley Ventures | Investor | Company | Participating investor in Paxton's Series A funding. |
| Tanguy Chau | CEO and Co-founder | Person | CEO of Paxton, playing a key role in the company's strategic direction. |
| Michael Ulin | CTO and Co-founder | Person | CTO of Paxton, responsible for the technological development of the company. |