Roughly two years after being publicly released, legal tech platform Reynen Court, which launched as a curated “app store” for legal tech, announced it has raised $4.3 million to fuel further growth.
New investors participating in this funding include investment companies Bryce Catalyst and Forefront Venture Partners while former investors Ventech and law firms Clifford Chance and Latham & Watkins, among others, also invested in the company, according to a press release provided by Reynen Court.
During an interview with Legaltech News, Reynen Court founder Andrew Klein said his company would use the additional funds on its next phase: interoperability.
“The next big thing we’re building is what we call a data hub and the data hub is going to make interoperability off the shelf,” Klein said. “Not only [will clients] run an application on their cloud but make it immediately configurable so they can connect it to their [various systems, including] disaster recovery and ultimately connect it to more client matter data that comes out of the legal matter management platform.”
To be sure, legal tech clients have previously noted there are few or underwhelming interoperability options are available in the legal tech market. But with the help of Reynen Court’s consortium, which includes multiple Big Law firms and the legal departments of major corporations such as Barclays, Cisco Systems Inc. and Intel Corp, Klein aims to bring much-needed interoperability to the industry.
“[This] is solving a really challenging barrier to efficient adoption of new technology,” Klein said of interoperability.
In 2017, Clifford Chance and Latham & Watkins led a first round of outside investment. Since launching in 2019, Reynen Court has announced various investments, including $4.5 million secured in October 2020 and $7 million raised in early 2020, which included funding in part from Orrick, Herrington & Sutcliffe and from Nishimura & Asahi.