Definely

Company Overview

Definely is a legal technology startup based in London that develops AI-powered software tools to help lawyers create, draft, and review legal documents more efficiently. The company was founded by two former Magic Circle lawyers, Nnamdi Emelifeonwu and Feargus MacDaeid, who set out to make legal documents more accessible, especially for those with visual impairments.

Products Overview

Definely offers a suite of integrated legal tech tools:

1. Definely Vault - An AI-powered drafting assistant that leverages a firm’s internal document repository to surface and insert relevant clauses and information into contracts.

2. Definely Draft - Allows lawyers to access and edit defined terms and cross-references across legal documents without losing context of the current provision being reviewed.

3. Definely Proof - An AI-powered proofreading tool that automates hundreds of checks on legal documents to catch errors and inconsistencies.

4. Definely PDF - A tool to unlock and analyze information in PDF legal documents, allowing easy access to defined terms, cross-references, etc.

The Definely Suite integrates directly with Microsoft Word and aims to streamline the entire contract lifecycle from creation to review.

Founding Team

• Nnamdi Emelifeonwu - Co-Founder & CEO
• Feargus MacDaeid - Co-Founder & Chief Strategy Officer

Both founders previously worked as lawyers at Magic Circle firm Freshfields. Feargus is registered blind, which inspired the initial idea to improve accessibility of legal documents.

Problem and Market Fit

Definely addresses key pain points in legal document drafting and review:

1. Inefficiency in accessing and understanding information across complex legal documents
2. Time wasted on manual proofreading and checking for errors/inconsistencies
3. Difficulty navigating PDF contracts, especially older scanned documents
4. Lack of integration between different stages of the contract lifecycle

By providing an integrated suite of AI-powered tools, Definely aims to significantly reduce the time lawyers spend on low-value tasks and improve accuracy in legal drafting.

Business Model

Definely likely operates on a software-as-a-service (SaaS) model, selling subscriptions to its suite of tools to law firms and in-house legal teams. The company emphasizes integration with existing workflows and systems like Microsoft Word and document management systems.

Funding and Runway

While specific funding amounts are not provided, the company has received backing from several notable investors:

• Microsoft’s venture fund M12
• CRE Venture Capital
• Google’s Black Founders Fund
• Raine Ventures (recent strategic investment in 2024)

The recent investment from Raine Ventures is aimed at accelerating Definely’s expansion in the US market.

Competitive Landscape

The legal tech space is increasingly competitive, with companies like Kira Systems, Luminance, and Litera offering AI-powered contract analysis and drafting tools. Definely’s differentiation appears to be:

1. Focus on the active drafting stage of contracts
2. Seamless integration across the entire contract lifecycle
3. Origins in improving accessibility of legal documents

Customers

Definely’s customer base includes major law firms and in-house legal teams:

• Allen & Overy Shearman
• Slaughter and May
• Dentons
• Deloitte
• Milbank
• Withers Worldwide
• Harper Macleod LLP
• Shepherd and Wedderburn
• P&O Cruises
• Capitec

Relevant News

• March 2024: Definely secured a strategic investment from Raine Ventures to accelerate US expansion.
• 2023: Named in the top 25 of Deloitte UK Technology Fast50.

Definely appears to be in a strong growth phase, with recent funding and expansion plans indicating investor confidence in their product and market potential. The company’s focus on integrating AI throughout the contract lifecycle and improving lawyer productivity aligns well with current trends in legal tech adoption.