Bodhala, a NYC-based data-intelligence and legal technology platform, raised $10m in growth funding.
The round was led by Edison Partners. In conjunction with the funding, Daniel Herscovici, Partner, Edison Partners, who led the investment, will join Bodhala’s Board of Directors.
The company will use the funds for product expansion and sales and market acceleration.
Led by Raj Goyle, co-founder and CEO, and Ketan Jhaveri, co-founder and President, Bodhala applies data science, machine learning and AI-driven insights to help companies analyze, interpret and optimize legal spend. The company’s proprietary benchmarking metrics and rate review algorithms generate detailed insights into every aspect of legal spend. The dashboard puts the information users need to help users make more cost-effective decisions about legal service providers, boosting efficiency and improving the bottom line.
Bodhala experienced 300+% growth in both revenue and headcount in 2019 and is on pace to do the same in 2020. The company also saw significant client growth in the last 12 months across each of its key verticals including financial services, healthcare services, insurance, energy and private equity.