After obtaining US $1.8 million in initial funding from multiple institutions and angel investors on 18th March 2022, Hence Technologies, a Kigali and London-based firm that utilizes data and AI to match corporations with external legal service providers, is prepared to scale its precision-matching engine. This takes the startup’s total funding to US $2.6 million so far.
Daybreak Partners, Broad Creek Capital (a global private investment company founded by two former lawyers, Matthew Ruesch and Michael W. Green), Daglar Cizmeci, and several additional angel investors participated in the round.
What the founder has to say:
Hence co-founder Steve Heitkamp stated:
“Navigating the external possibilities and determining who would be good based on a company’s needs, pricing points, and other factors is rather difficult. And the majority of existing solutions are marketplace-style solutions that require a transaction to occur. But what if you don’t require others to purchase? What if you’re trying to help folks figure out what works for them? We focused on that area and developed a solution that assists individuals in finding the correct lawyers; it’s essentially a starting point for their needs.”
What investors have to say:
Daybreak Partners founder Nate Dalton stated:
“With Hence, there is finally a platform that allows clients to go from large-scale, primarily anecdotal decision making to empirical evidence-based decision making, with continual improvement after every contact. The way we operate has changed tremendously in the last two years, and it’s wonderful to see the team at Hence leveraging Kigali skills and the Palantir platform to start executing on their ambition to increase the efficiency of the global professional services markets dramatically.”
About Hence Technologies:
The company, which was created in 2020, matches internal legal teams of its clients with external legal service providers using data from a variety of sources, allowing it to propose lawyers depending on the nature of the assignment, geography, and cost factors.
After a successful trial with a US-based investment firm and a London-based insurance company, the venture was validated. Its subsequent expansion stage will focus on even larger firms with more significant legal expenditures and needs.
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