Source: PR Newswire
Covenant, an AI law firm built for private market investors, announced a $4 million Seed funding led by Flybridge Capital Partners, with participation from Neil Barsky, a former hedge fund manager.
Covenant uses multiple foundational models to eliminate dependence on a single model and provide clients with the benefits of the latest AI developments quickly and effortlessly. AI-powered results undergo human verification, allowing clients the ability to harness the power of this technology with full confidence. Covenant upholds the highest standards of privacy and security with its SOC 2 Type II certification, ensuring responsible AI use through strict data protections – no training on client data, zero data retention, and anonymization of sensitive information.
Covenant’s limited partnership agreement (LPA) review tool delivers a robust summary within two business days, outpacing any other alternative. Today, Covenant is also announcing the launch of the first AI-powered Most Favored Nation (MFN) election tool designed for limited partners. With Covenant, the time it takes for clients to analyze hundreds of pages is reduced from hours to minutes. Over the past several months, Covenant has launched several other tools that are purpose-built for private market investors, including fund manager due diligence and NDA first-draft mark-ups.
“At Covenant, our goal is to empower private market investors to be radically smarter,” said Jen Berrent, CEO and co-founder of Covenant and former WeWork COO and Chief Legal Officer. “We built a legal solution from the ground up. We have combined the capabilities of AI – moving faster, saving costs and simplifying complexity – with the skill of lawyers – deep industry knowledge, unparalleled attention to detail and clear judgment. This funding will enable us to deliver on our vision to modernize legal systems for the private markets.”
Read the full article: https://www.prnewswire.com/news-releases/covenant-raises-4m-seed-to-accelerate-ai-legal-innovation-for-private-markets-302505113.html
