August Secures $7M to Scale Legal AI for Midsize Law Firms

August, a legal AI platform, raised $7 million in a funding round. NEA and Pear VC led the investment. Strategic participation also came from leading law schools, Afore Capital, and angel investors.

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Thomson Reuters

Global provider of business information, news, and technology for legal, tax, audit, and accounting professionals.

The New York-based company delivers configurable AI workflows. August targets midsize law firms, an underserved market.

Driving Innovation in Legal Technology

August's modular AI agents integrate with local statutes and document standards. This contrasts with broader tools like those from Thomson Reuters or LexisNexis. Consequently, the legal AI platform helps firms adopt flat-fee billing.

Firms using August accelerate document-heavy tasks. These include contract review and due diligence. Thus, the technology frees attorneys for strategic client counseling.

For instance, an Australian firm reviewed 5,000 files 90% faster. Moreover, an Indian tax firm cut diligence time by 60%. Additionally, a Florida team saved significant costs analyzing 40,000 pages.

The platform uses a modular artificial intelligence agent orchestration framework. It emulates attorney thought processes for high accuracy. Furthermore, this advanced legal AI platform ensures secure deployments behind internal firewalls.

August was founded in 2023 by Rutvik Rau, Thomas Bueler-Faudree, and Joseph Parker. They bring expertise in AI, legal practice, and enterprise technology. This funding round will expand August's modular AI agents and tailored onboarding model. It further advances legal technology.