A Tunbridge-Wells law firm, specialising in commercial and employment law primarily within technology firms, has secured funding of £530,000 from Reward Finance Group to launch an artificial intelligence (AI) product.
Kim Simmonds, who owns Law365, identified the potential to further enhance the offering through AI and machine learning.
In early 2020, the company invested heavily in building a proof of concept, using the experience within her team to automatically create contracts for their tech focused clients, called Cloud Contracts 365.
Simmonds turned to Reward, which specialises in providing tailored business finance loans and asset-based solutions of up to £5m.
Simmonds said: “We’ve worked hard to establish a successful business, growing the team to 30 employees.
“However, being able to continue to evolve our AI product is key for our future growth and our commitment to provide the highest quality service and latest technology to our clients.
“The AI platform will quickly and conveniently produce legally binding contracts and ensure our clients aren’t left vulnerable or exposed.”
She continued: “We needed an agile funding solution to act as a cash flow buffer for future product development, so we turned to Reward as it has a reputation for delivering funding solutions at pace.
“The flexibility provided throughout the borrowing process has also helped remove many of the financial headaches and hurdles that inevitably arise during this type and size of transaction.”
Simon Adcock, regional director for London and the South East at Reward Finance Group, added: “AI has become a tool that a lot of businesses are using to evolve. Kim has identified a grey area in the law market and utilised a platform to enable companies to produce legally binding contracts with ease.
“The funding solution we have provided was ideal to ensure Kim has the cash flow in place to continue to develop the Cloud Contracts 365 platform and still offer the highest service possible for its technology clients.
“Kim has a clear vision for the next chapter for Cloud Contracts 365 and we look forward to supporting the team on their growth journey.”
The deal between Cloud Contracts 365 and Reward Finance Group was brokered by Gillian Palmer at Lending Made Simple.
