Edinburgh-based legal tech firm Wordsmith AI has secured a $14m (£10.4m) extension to its Series B funding round, drawing new backing from Intact Private Capital and FT Ventures.
The new funding includes follow-on investment from existing shareholders Highland Europe and Index Ventures, extending its Series B round that was first announced in June.
Wordsmith has developed an AI-native operating platform tailored for in-house legal departments.
The company’s software automates routine intake, contract review, and internal legal requests, allowing corporate teams to handle a larger volume of work internally and curb outside counsel expenditure.
The extension comes off the back of rapid operational growth for Wordsmith, which reports a 14-fold year-on-year revenue increase and a corporate client base exceeding 500 enterprises, including BT, Sage, Starling Bank, Canva, and the Financial Times.
“Every dollar that leaves a legal team and goes to outside counsel is a decision,” said Ross McNairn, chief executive and co-founder of Wordsmith.
“Wordsmith gives in-house teams the infrastructure to keep more work in-house, spend less on external counsel, and show the business the impact it delivers.”
Justin Smith-Lorenzetti, managing director at Intact Private Capital, added: “In-house legal teams at financial services and insurance companies need legal infrastructure that can operate at enterprise scale while maintaining the control and auditability required in highly regulated environments.
“Wordsmith is built precisely for that challenge, with a deep understanding of how these organisations work and the infrastructure to match.”
