Wordsmith AI raises $70M funding

Wordsmith AI, an Edinburgh-based legaltech startup, has successfully raised $70 million (£52m) in a Series B funding round. The round was led by European Highlander and included participation from Index Ventures. This funding will be used to accelerate the development of Wordsmith AI's AI platform, expand its global headcount to 300 employees by the end of the year, and strengthen its presence in the US market. The company has experienced rapid growth, with its platform now used by over 500 companies, including new enterprise customers like Sage Group and Starling Bank, as well as existing clients such as SK Group, Financial Times, Safelite, Trip.com Group, and Canva. Wordsmith AI's platform aims to automate and manage legal requests for in-house legal teams, reducing reliance on external counsel and improving efficiency.