Summize is a developer and provider of intelligent software for the legal sector. They have created a platform, driven by artificial intelligence (AI) and machine learning, to meet customer demand for digital transformation. The platform has been created to automate a previously time-intensive manual process, saving those operating in the legal space both time and money. The software gives legal teams the ability to upload multiple contracts and summarise their key points instantly in an easy-to-read summary.
Software development and job creation
We have a truly unique tech product that is set to transform the legal industry, so it has been excellent to have had the support from NPIF and Maven to recruit the expertise we need to bring the product to market quicker. It is already generating a buzz within the legal tech space, so the Summize platform is well-equipped for a busy 2020, with a new team and more software features. We are excited to see where it takes us!
Founder and CEO of Summize
CEO and co-founder Tom Dunlop is an experienced commercial and technology lawyer, having previously held a position as global legal director for UX insights company UserZoom. He is supported by CDO and co-founder Dave Smith and CTO Richard Somerfield, who previously worked at AppSense as Senior Software Engineer and Principal Software Engineer respectively.
The impact of the £500,000 NPIF Maven Equity Finance investment on the company has been two-fold – firstly increasing staffing by taking the team from two co-founders to 13 employees. Two of these hires included a Chief Technology Officer and a Head of Strategy, with additional recruits to the technical, sales and marketing functions.
The capital has also allowed the company to develop its prototype and bring the platform to market 10 months ahead of schedule, by building its technical infrastructure and investing in more technology. AI and machine learning are now built into the functionality of the product, meaning contract summaries can be created more quickly and efficiently, eliminating the risk of human error.
Summize has short-term plans in place for the next six to nine months to scale its UK customer base and take its headcount to 20. Its two-year plan is to expand into the US and more than triple its headcount to 50 plus employees.
Could NPIF Maven Equity Finance help fund your growth journey?
If you’re running a business that’s looking to grow, we’d love to hear from you. Feel free to give us a call to find out more about our flexible funding solutions:
0191 731 8595
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