Draft:Bryter

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BRYTER is a German legal technology and AI startup company, specialising in providing a no-code platform.[1] Founded in 2018, the company expanded internationally in the following years, with offices in London and New York.[2] They sell software that allows companies and law firms to create their own legal and complaince software and applications without hiring designated software designers.[2]

History

Bryter was founded at the beginning of 2018 by the german jurists Juristen Michael Grupp and Micha-Manuel Bues, working together with Micheal Hübl.[3]

They raised 6 million dollars in a late seed round in 2019 from multiple investors,[3] followed by a Series A in 2020, which raised 16 millions dollars mostly from the same funders, to be used for international expansion.[4][5] Half a year later, they raised 66 million dollars in a Series B, bringing on Tiger Global Management as a new investor (with an estimated share ownership of 12%), reaching an expected valuation of up to 400 million dollars.[6][2] The Series B was described as being so fast that "they did not even have the time to create a pitch deck".[7]

The company grew from around 50 employees in 2019[3] to around 120 in 2021.[6] The companies primary offices are in Frankfurt and Berlin, with additional ones in London and New York City.[2] Since 2021, they have expanded their work with the US market, including closer cooperations with Reed Smith.[8]

In 2019, the company worked with “European Lawyers in Lesvos“ to assist them with providing free legal advice to refugees in the Lesbos refugee camps, digitalising both legal advice and the self-organisation of refugees and volunteers,[9]

Products

The company offers no-code software primarily for legal and compliance applications. According to the company, their clients include Accenture, ING Group, McDonald's and law firms such as Baker McKenzie and Taylor Wessing.[3][1] Their applications include tools that can be create customised software, such as virtual assistants, chatbots and tools used for automatisation.[6] Together with KPMG Legal, they developed a module that assisted companies with applying for funding during the COVID-19 pandemic.[6]

Grupp, one of the co-founders, described the capabilities as being able to do anythingg from non-disclosure agreements agreements for chinese Chinese law to automating compliance for a large supermarket chain, describing it as "Lego for Jurists".[2]

References

  1. ^ a b Heuberger, Sarah (2021-04-15). "Bryter schnappt sich einen Star-Investor nach dem anderen – so sah das letzte Pitchdeck aus". Business Insider (in German). Retrieved 2024-07-11.
  2. ^ a b c d e "KI-Unternehmen Bryter erhält 66 Millionen Dollar von Investoren". FAZ.NET (in German). 2021-04-07. Retrieved 2024-07-11.
  3. ^ a b c d LTO. "Legal Tech: Bryter sammelt sechs Millionen Dollar ein". Legal Tribune Online (in German). Retrieved 2024-07-11.
  4. ^ LTO. "Legal-Tech Bryter sammelt 16 Millionen US-Dollar ein". Legal Tribune Online (in German). Retrieved 2024-07-11.
  5. ^ gruenderszene (2020-06-04). "Accel erneut an Millionen-Runde für Bryter beteiligt". Business Insider (in German). Retrieved 2024-07-11.
  6. ^ a b c d Schiffer, Christiane (2021-04-07). "Bryter sammelt in Serie B 66 Millionen Dollar ein". juve.de (in German). Retrieved 2024-07-11.
  7. ^ Heuberger, Sarah (2021-04-07). "Schnelle Riesenrunde bei Bryter: „Wir konnten nicht mal ein Pitchdeck vorbereiten"". Business Insider (in German). Retrieved 2024-07-11.
  8. ^ LTO. "Bryter nimmt die USA ins Visier". Legal Tribune Online (in German). Retrieved 2024-07-11.
  9. ^ LTO. "Juristen auf Lesvos: Legal Tech für Flüchtlinge". Legal Tribune Online (in German). Retrieved 2024-07-11.
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