AI law startup Norm on Tuesday Said 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 created an AI-native law firm, called Norm Law, which uses the company’s own AI agents, hires human lawyers to supervise them, and provide legal services to enterprise clients. It is also building AI agents that can monitor other AI agents during their tasks.
The company charges its clients based on results rather than hourly, unlike the rest of the industry.
Norm is one of several legal AI startups that have emerged over the past few years, such as Harvey and Legora, that are trying to capitalize on the need to automate tedious work.
Other investors in Norm’s Series C include Bain, Craft Ventures, Coatue, Vanguard, New York Life, TIAA, Tony James (former Chairman and COO of Blackstone), Jeff Hames (former Chairman of Kirkland & Ellis), and Fenwick LLP. The fresh capital will be used to help build the product and hire more lawyers.
The company has raised more than $260 million in funding so far.
