Canadian legal-tech upstart Alexi leverages proprietary artificial intelligence technology to empower legal professionals to simplify litigation processes and achieve better outcomes for clients.
Available across Canada and the US, Alexi’s tools range from generating detailed research memos with relevant case law to summarizing complex legal documents. The platform can reduce routine litigation tasks by up to 80%, according to chief executive officer Mark Doble, who founded Alexi in 2017.
Today, Alexi announced a debt facility that builds on the Toronto company’s $15M Series A raise led by Drive Capital last year.
The $4.5M debt facility hails from TD Innovation Partners, a division of Toronto-Dominion Bank providing “bespoke banking solutions.”
“This additional financing from TDIP underscores our record-breaking growth in 2024 and positions us to deliver even greater value to our customers, allowing litigators to stay ahead of the curve and meet the evolving needs of today’s clients and complex caseloads,” Doble stated this week.
The company recently launched new products: Advanced Legal Reasoning and Alexi Enterprise.
“The launch of ALR and Alexi Enterprise has generated significant interest across the legal sector, showcasing litigators’ appetites for innovative, high-value AI solutions that drive efficiency and elevated client results,” Doble said.
Mark Kiyonaga, Director of TD Innovation Partners, says the bank is “hrilled to play a role in supporting Alexi’s growth as they continue to deliver innovative solutions for the legal community.”
“Their commitment to product excellence, strong leadership team and their ability to deliver align well with our goal of supporting transformative companies that are changing the way industries operate,” Kiyonaga stated.
Alexi’s expansion plans for 2025 include deepening its product offerings, enhancing customer experiences, and scaling its reach across North America, according to a statement from the firm.
“Securing this debt facility not only strengthens our balance sheet but also establishes a robust partnership with one of Canada’s leading financial institutions,” commented George Taleporos, who serves as Vice President of Finance at Alexi. “It ensures we have the resources to meet our ambitious growth goals and continue to innovate for our clients.”
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