Dublin AI firm Brightflag raises €23.2m

Fast-scaling Irish tech firm Brightflag plans to aggressively expand its capabilities for the legal business world.

Irish artificial intelligence (AI) player Brightflag has raised €23.2m ($28m) in venture capital backing.

The latest round – led by One Peak Partners along with backers Sands Capital Partners, Frontline Ventures and Tribal VC – brings total funding for the Dublin company to nearly $40m.

“In many ways, Brightflag is already built for the future that 2020 has made reality”

Brightflag was founded by Ian Nolan and Alex Kelly in2015 and has developed a platform that uses text analysis to read and understand legal invoices.

The Dublin 8 company’s customers include Uber, Telstra and Rimini Street.

A technology whose time has come

Nolan said that the whirlwinds of change wrought by Covid-19 to the corporate legal world makes the company’s technology offering prescient.

“In many ways, Brightflag is already built for the future that 2020 has made reality.

“Our easy-to-use software eliminates, automates, or accelerates countless administrative tasks standing between in-house legal professionals and the more strategic services their companies are counting on them to deliver.

“Our proprietary AI enables true cost control at every stage of legal work — from matter creation through invoice review. It creates entirely new data sets that legal departments can use to evaluate law firm performance, negotiate value-driven pricing agreements, and predict budget overruns well in advance.

“And to make sure customers are realizing those benefits within weeks of choosing Brightflag, our expert team stands ready with proven implementation plans, proactive training, and strategic recommendations.

“Our new funding gives us the opportunity to aggressively expand the capabilities of the Brightflag platform and compound the value customers realise as a result.

“We’ll continue to lead the way on AI innovation, building it into every area of our platform — matter management, spend management, and vendor management — while continuing to improve our game-changing AI-assisted invoice review experience,” Nolan said.

By John Kennedy (john.kennedy3@boi.com)

Published: 10 December 2020