AI law startup Norm raises $120M, reaches unicorn valuation

AI Startup Code on Tuesday He said It has raised $120 million in a Series C funding round led by Khosla Ventures, valuing the roughly three-year-old startup at $1.2 billion.

Norm has built an AI-driven law firm, called Norm Law, which uses the company’s own AI agents, hires human lawyers to supervise them, and provides legal services to enterprise clients. It is also building AI agents that can supervise other AI agents as they carry out their tasks.

The company charges based on results rather than billing its clients by the hour, unlike the rest of the industry.

Norm is one of many legal AI startups that have emerged in the past few years, such as Harvey and Legora, that are looking to capitalize on the need to automate hard work.

Other investors in Norm’s Series C include Bain, Craft Ventures, Coatue, Vanguard, New York Life, TIAA, Tony James (former President and COO of Blackstone), Jeff Hames (former Chairman of Kirkland & Ellis), and Fenwick LLP. The new capital will be used to help build the product and hire more lawyers.

The company has raised more than $260 million in funding to date.