– USA, TX – Legal technology company CS Disco Inc., today announced a $10 million Series B financing. With 20 percent month-over-month revenue growth in 2014 for its Disco software-as-a-service (SaaS) ediscovery product, Disco is the fastest-growing company in ediscovery.
Bessemer Venture Partners (BVP) led the investment, with participation from existing investor LiveOak Venture Partners. Disco customers Trevor Jefferies, of AmLaw 200 law firm Arnold & Porter, and Stephen Wallace, former general counsel of Westlake Chemical, also invested. Bob P. Goodman, founding partner in BVP’s New York office, has joined Disco’s board of directors.
Disco has transformed ediscovery with a product developed by lawyers, for lawyers that is faster, more intuitive, and easier to use. Disco replaces existing siloed technology and expensive litigation-support services with a single, all-inclusive product at a much lower price that allows lawyers to find evidence 10 times faster than other products, even on the largest multi-terabyte datasets. The era of complicated tools designed for litigation-support and IT staff rather than lawyers is over.
Since its March 2013 launch, more than 300 law firms, corporations, and government entities, including 40 of the AmLaw 200, have used Disco in major cases and investigations. “We are thrilled with the rapid adoption of our do-it-yourself ediscovery model in which great lawyers use Disco to reclaim control of the discovery process and find evidence faster,” said Disco founder Kent Radford.
“As a company, we are unique in combining world-class engineering with a deep love and respect for the law,” said CEO Kiwi Camara. “The result of applying this approach to ediscovery is a product that has made finding evidence as natural as finding law. We are delighted in the confidence our customers and investors have shown in our vision of a world where great lawyers are enabled by innovative technology to focus only on the things that they do best.”
“Disco has grown revenues and number of customers close to 5x since we invested just 10 months ago,” said Krishna Srinivasan, general partner at LiveOak Venture Partners. “It is always a pleasure working with a company that both executes great and makes products its users really love.”
“Lawyers are increasingly under pressure to adapt to and adopt technology that will automate otherwise tedious and time-consuming processes,” said BVP partner Bob Goodman. “Disco is creating a new platform in legal technology, helping lawyers eliminate the drudgery around ediscovery with their intuitive software solution. This is a product that customers already rave about, and we look forward to fueling the growth of a company with such a strong vision.”
About LiveOak Venture Partners
LiveOak Venture Partners is a Texas-based, early-stage venture capital firm that partners with visionary entrepreneurs who use disruptive technologies and business models to challenge the status quo. While many of their investments begin at the seed stage, LiveOak is a full lifecycle investor focused on technology and technology-driven service companies primary based in Texas and the Southwest. For over a decade, the founders of LiveOak have helped entrepreneurs create over $1.5B of enterprise value through investments in industry-leading companies, such as Spatial Wireless (acquired by Alcatel-Lucent), Navini Networks (acquired by Cisco Systems), LifeSize Technologies (acquired by Logitech) and Mavenir Systems.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Bangalore, Herzliya and Sao Paulo. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like Pinterest, Twilio, Box, LinkedIn, Shopify, Yelp, Skype and Cornerstone OnDemand. Over 100 BVP companies have gone public.
CS Disco Inc. makes the best legal technology in the world. Since the introduction of its ediscovery solution in 2013, Disco has become the first choice for innovative legal technology at more than 300 law firms, enterprises, and government units, including 40 of the AmLaw 200. Disco’s ediscovery solution lets lawyers find evidence as much as 10x faster, even at multi-TB scale, and without relying on third-party technology or services.
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