AI-Powered Legal Analysis Platform Supio Raises $60M to Expand Team and Market Reach
Supio, an AI-powered legal analysis platform, has secured $60 million in funding, bringing its total capital raised to $91 million. The latest investment round was led by Sapphire Ventures, with additional contributions from Mayfield and Thomson Reuters Ventures. Co-founder and CEO Jerry Zhou, in an interview with TechCrunch, stated that the new funds will be directed toward driving growth, expanding hiring, and enhancing market presence. Supio plans to significantly boost its workforce, which stands at around 100 employees, and to open a new office to complement its Seattle headquarters. Supio operates in the increasingly competitive AI legal technology (legaltech) sector. Despite some skepticism regarding the efficacy of AI in handling certain legal tasks, law firms are under mounting pressure to adopt this technology to stay competitive. Recent data indicates a significant surge in AI adoption within the legal profession, rising from 11% in 2023 to 30% in 2024. Zhou and his co-founder, Lam, conceived the idea for Supio after leaving Avalara, a tax compliance software firm where they were erstwhile colleagues and childhood friends. They recognized an opportunity to revolutionize the way professionals manage and interpret documents. "Attorneys and paralegals often spend countless hours manually reviewing medical records, police reports, and expert opinions," Zhou noted. "Supio aims to provide these users with a deeper understanding of their complex, unstructured data through advanced AI." The company's primary focus is on personal injury law, and its platform integrates seamlessly with existing law firm systems to aid in case management. To address concerns about AI reliability, Supio incorporates human verification, ensuring a high level of accuracy. "We specialize in creating robust AI models and implementing stringent quality controls at both the document and data levels," Zhou explained. "Our legal AI currently supports over 114 case types and this number is continually expanding, driven by feedback from our clients." Supio has experienced substantial growth over the past year. Annual recurring revenue has quadrupled, and the customer base has similarly expanded. Notable clients include law firms such as Huges & Coleman, Daniel Stark, Thomas Law Offices, and Whitley Law. In support of this trajectory, the company has added new leadership roles in sales, customer success, and marketing and advertising. "AI is bringing about a pivotal transformation in the legal industry," Zhou emphasized. "Just as Excel revolutionized finance three decades ago, AI is poised to redefine how legal knowledge workers operate." This shift is evident in the increasing number of law firms exploring and implementing AI solutions to streamline workflows and enhance client services. Zhou believes that Supio is well-positioned to capitalize on this trend, continuing to innovate and support the evolving needs of the legal community.