Bodhala, a data-intelligence and legal technology platform targeting insurance and other industries, raised $10 million in venture financing.
Edison Partners, a venture capital firm based in New Jersey, led the round. Plans call for using the money to fuel product expansion, and also to propel sales and marketing efforts.
New York-based Bodhala uses data science, machine learning and AI-driven insights to help companies analyze, interpret and optimize legal spending. It markets to insurance, financial and healthcare services, energy and private equity firms.
Ketan Jhaveri, Bodhala’s co-founder and president, said in prepared remarks that his company’s technology helps manage legal risk, outcome and cost, something that is particularly important as the COVID-19 pandemic continues to spread.
Bodhala said its data shows the top 15 by revenue law firm street rates went from under $700 in 2000 to more than $1,650 per hour today. General counsel and procurement leaders are looking for more transparency into their legal costs and performance, and a method to shift spending toward their optimal panel.