DISCO, which makes software for the legal industry, announced this week that it has raised $60 million in additional funding.
The startup, which moved to Austin in 2018 from Houston, has raised $195 million to date.
Georgian Partners led the latest round of funding. Existing investors Bessemer Venture Partners, LiveOak Venture Partners, and The Stephens Group all participated, and new investor Breyer Capital also invested.
DISCO makes products and provides services for the cloud-based investigation and litigation marketplace, which is projected to exceed $20 billion by 2024, according to a news release. DISCO has created a platform for lawyers to use artificial intelligence, cloud computing for compliance, disputes, and investigations.
“We are building the enterprise software system of record for the legal function. Every major company has a legal department and spends money on legal services, but there is very little software built to help legal professionals do their work,” DISCO Founder and Chief Executive Officer Kiwi Camara said in a news release. “We want to change that. Legal is a critical business function just like sales or marketing or finance. We believe that software can transform the legal function just as it has transformed every other business function. DISCO is positioned to build for legal the kind of horizontal platform that Salesforce built for sales.”
DISCO plans to use the funding to hire more employees for sales and marketing and to expand its presence in internationally with a focus on Europe and Asia. It also plans to expand its strategic channel program.
And DISCO will continue to invest in its cloud technology platform, software products like DISCO Ediscovery and DISCO Case Builder, and legal services like its AI-powered DISCO Managed Review offering.
The pandemic has accelerated the move to cloud computing for legal departments and law firms, according to DISCO.
“In an emerging space like legal technology, real-world solutions require both world-class technology and first-rate professional services. DISCO delivers both,” said Tyson Baber, Lead Investor at Georgian. “DISCO’s investment in engineering and development of their proprietary platform, coupled with their incredible team, makes them well-positioned to help legal teams embrace the future.”
DISCO currently has more than 300 employees with offices in Austin and London.