Summize, a Manchester-based developer and software provider for the legal sector, has secured an additional £1m investment in a funding round led by NPIF – Maven Equity Finance.
NPIF – Maven Equity Finance, which is part of the Northern Powerhouse Investment Fund and managed by Maven Capital Partners, originally invested £500,000 in Summize in March 2019.
This follow-on investment includes £500,000 from the UK Government’s Future Fund and additional capital from tech investor Charles Sharland.
The business plans to utilise this latest funding to expand its client base, develop its product with additional features, and fine-tune its sales and marketing strategy.
Established in 2018, Summize is a lightweight piece of software used in the contract lifecycle by both in-house and private practice legal teams, as well as SMEs.
The software enables users to upload multiple contracts and summarise key points instantly, saving clients up to 85 per cent in time cost per review.
While the Summize software is aimed primarily at the legal space, it is also suitable for corporate organisations with no legal function. Its clients include Brabners, Elior, Zuto and UserZoom.
Summize is also diversifying into managed services, which will enable law firms to extend the company’s AI and machine learning-driven software to their own clients.
Tom Dunlop (pictured), founder and CEO at Summize, said: “Since bringing our product to market, we’ve seen an incredible demand for our services that has only accelerated, despite the current economic climate.
“As a result, we’ve welcomed a roster of new clients at home and overseas and have been able to start diversifying our offering with a new partner programme and managed contract service.
“The funding we’ve received so far has been instrumental in this, and this latest investment will help us to continue developing our approach and growing our client base.”
