Lex Machina, a Palo Alto, CA-based intellectual property (IP) litigation data and analytics company, closed a $4.8m Series A funding.
The round was led by Cue Ball Capital, with participation from existing investors XSeed Capital, Costanoa Venture Capital, Roy Martin, a former senior executive at Thomson’s legal group, and Jerry Yang, Yahoo! co-founder. In conjunction with the funding, Cue Ball Partner John Hamel and Roy Martin joined Lex Machina’s Board.
The company intends to use the funds to add new product features and expand its sales team.
Led by CEO Josh Becker, Lex Machina leverages technology including machine learning and a natural language processing (NLP) legal text classification system to provide subscription access to data and technology-enabled analytics regarding:
– Litigation decision support
– Peer company benchmarking
– Patent portfolio evaluation
– Outside counsel selection and management
The company spun out of a joint project of Stanford University Law School and Computer Science Department.