Bloomberg report….

Law firm timekeeping startup Ping received a $13.2 million venture funding boost, bolstering the record rise in legal tech investments over the past few years.

The Series A funding round was led by Upfront Ventures and joined by BoxGroup, First Round Capital, Initialized Capital, and Ulu Ventures. It brought total investment in the artificial intelligence-infused software company to $17.4 million, a Ping statement said.

The announcement stands out for at least one big reason: Most recent legal tech investments of note have focused on vendors selling tools to streamline contract management, e-discovery, and broader-based “law practice management” systems, as opposed to timekeeping tools like Ping’s.

Ping claims its products fill a Big Law niche by using AI to help automate the system of filling out complete time sheets for client billing—currently “a miserable, error-prone process,” the company said.

“Timekeeping in the legal profession has remained virtually unchanged for decades, which means skilled attorneys are wasting time and money on unfulfilling, unproductive work,” Kara Nortman, a partner at Upfront Ventures, said in the statement.

Read the full report at https://news.bloomberglaw.com/us-law-week/ai-backed-law-firm-timekeeper-ping-gets-13-million-boost

Pin It on Pinterest