Developer of biometric onboarding platform for legal sector closes seed round
Lawtech 365, the parent company of biometrics-based legal sector identity verification platform Verify 365, has closed its seed funding round for technology development after a flurry of offers.
17 investors made offers in the round which “could have easily secured in excess of $10M in capital”. The oversubscribed round was closed with six investors selected, led by ADN Capital and significant angel investors in legaltech such as Samer Mohammed.
Verify 365 is software that allows users to validate NFC-equipped identity credentials with iOS and Android devices, reading the biometrics from the embedded chips. A selfie or video of credential holder is checked for a match with biometric analysis. The software is the first digital identity verification platform to match standards in the UK for conveyancers. It integrates with global sanctions checks.
Lawyer 365, currently used by 200 law firms, is an online law marketplace with functions such as video consultations. eSign 365, expected in October this year, is a Qualified Electronic Signature app, also with NFC to verify the ID document of the person signing the legal document.
“The support from our business angel investors in closing this round of seed financing is an important step for Lawtech 365’s continued growth,” comments Rudi Kesic, CEO and Founder at UK-based Lawtech 365. “It paves the way for expansion to other jurisdictions and an opportunity to turn the Lawyer 365 brand and the Verify 365 AML verification platform into global legaltech players.”
Most of the investment came via London and Dubai and the firm is planning expansion in New York and San Francisco.
“We wanted to give an opportunity to a select group of our business partners and VCs to pool together individual investments and provide the capital needed to grow and develop Lawtech 365. We didn’t expect such an overwhelming response,” says Kesic, “We talked to about 20 potential investors and received 17 investment offers, so we could have easily secured in excess of $10M in capital in this seed round. But we simply don’t need $10M at this stage.”
Kesic said on LinkedIn that a Series A is planned for January 2023 and that ten investors are already lined up.
The CEO has invested $1 million of his own money in the firm: “If we achieve the recurring revenue targets over the next 3 years, we could see another $1BN legaltech unicorn and the first one with its true origins in the UK.”