Logikcull, the cloud-based discovery platform on a mission to make discovery instant and accessible for everyone, today announced that it has raised an additional US$25 million in a round led by New Enterprise Associates (“NEA”), with participation from existing investors OpenView Venture Partners and Storm Ventures. The news follows a year of tremendous growth for Logikcull, which grew its customer base by 500% in 2017.
In backing Logikcull, NEA adds another fast-growing SaaS company to an impressive portfolio that has included Salesforce.com, Workday, and MuleSoft. NEA was also one of the first venture investors in Apple.
Founded in 2004 in a Washington, DC apartment, Logikcull spent a decade as an eDiscovery services provider before pivoting to become a software platform provider. During the Great Recession, Logikcull founders Andy Wilson and Sheng Yang realized that the vendor-driven eDiscovery model’s high costs, risks, and complexity made the process unsustainable and customer-unfriendly. The company set about developing Logikcull shortly thereafter, and has since become known for its mission to build powerfully simple software that makes discovery instant for anyone, anytime, on any device, with minimal training. Thousands of customers in over 38 countries have embraced that mission.
“The legal profession is at an inflection point, where winners and losers will be defined by their ability to innovate in the digital age,” said Andy Wilson, Logikcull CEO. “This investment provides a powerful validation of the massive change for the positive currently underway in the legal profession — and shows that Logikcull’s customers are helping to drive that change.”
Logikcull’s ascent comes at a perilous time for legal professionals, who live in a world where all data — from emails and text messages to Alexa recordings and drone transmissions — is discoverable as evidence in litigation and investigations. But as the amount of data explodes, discovery deadlines are getting shorter. The legacy tools used to search and review information, many of them designed a generation ago, are ill-equipped to deal with the challenges modern discovery poses. And at the same time, existential security threats evidenced by high-profile data breaches have rendered the process increasingly risky. This confluence of factors has created an environment that legal professionals have come to call “eDiscovery hell,” from which Logikcull’s software can offer safe, affordable, and instant rescue.
“We aim to partner with companies that are addressing massive markets with revolutionary solutions,” said Chetan Puttagunta, General Partner at NEA. “Logikcull combines deep analytical capabilities, an intuitive interface, and the proven data and search platforms of Elastic and MongoDB, both of which we are investors in, to supercharge document analysis for teams across enterprises, law firms, governments, and non-profits. We’re thrilled to team up with Logikcull as they pioneer a transformation of eDiscovery.”
Learn more about Logikcull’s growth in the funding announcement: blog.logikcull.com/logikcull-raises-25-million-ceo-message