.png)
Raw Ventures is proud to announce its latest investment in Novo, a cutting-edge legal technology startup.
This investment, part of Novo’s $845,000 round, is living proof of Raw Ventures' commitment to investing in different verticals and backing promising innovation at the intersection of prominent fields such as legaltech and healthtech. These sectors are rapidly evolving and transforming how professionals work.
Novo has developed an AI-driven platform that streamlines the creation of demand letters and medical chronologies, two essential elements of personal injury law. To give you a better idea of the importance of this industry, in the United States, personal injury lawsuits were valued at $53.1 billion in 2022. Over 39.5 million of these cases require medical treatment.
Traditionally time-consuming and manually written, well-crafted demand letters and medical chronologies are critical to ensure swift and effective settlements for clients. Novo’s technology automates this process, empowering attorneys to draft high-quality documents in minutes — compared to days if done conventionally — ultimately saving valuable time and resources.
Novo’s AI-powered platform analyses and parses client documents to extract the most relevant information, reducing the burden of administrative tasks and freeing up attorneys to focus on strategic work. "The practice of law is an industry that's inherently resistant to change. However, when we first saw the breakthrough of the large language model, we knew there was an opportunity to help attorneys complete work in minutes that previously took days or weeks. We built Novo as a force multiplier to help plaintiff firms deliver superior representation with superhuman efficiency," – Charles Porges, Co-founder and CEO of Novo.
Attorneys can then refine and adjust drafts as needed. Additionally, Novo ensures that all client information is handled with the utmost confidentiality and care.
Since its founding, Novo has made significant strides in building its platform and securing early customers, and early feedback from users indicates that Novo’s platform is having a positive impact.
Looking ahead, Novo will use the proceeds from this round of funding to expand its product capabilities, refine its user experience, and scale its customer base. The company plans to continue enhancing its technology to ensure even greater accuracy and utility for legal professionals.
Raw Ventures’ investment in Novo aligns with its broader vision of backing innovative startups that are reshaping their industries. The legal industry has long been ripe for transformation, with many time-consuming processes in need of modernization.
Novo’s AI-driven solution offers a compelling example of how technology can drive efficiency and generate cost savings within the legal sector. With its focus on healthcare-related legal documentation, Novo also strengthens Raw Ventures' existing portfolio in the health industry, expanding the firm's expertise in solutions for medical institutions and healthcare providers.
“Our investment in Novo reflects our belief in its potential to reshape the legal industry,” said Renat Lokomet, Venture Partner at Raw Ventures. “By introducing an AI-driven demand letter writer, Novo automates a traditionally time-consuming process, enabling professionals to create demand letters swiftly and affordably. This not only saves valuable time but also paves the way for greater efficiency across the field. We’re excited to support Novo’s mission to modernise an even broader scope of legal services and drive forward the adoption of AI in law, making everyday tasks simpler and freeing up legal professionals to focus on what truly matters.”
Novo’s represents an exciting addition to Raw Ventures' diversified investment portfolio. As part of its broader commitment to investing in transformative solutions across various verticals, Raw Ventures is dedicated to identifying companies like Novo that are disrupting traditional practices and offering long-term potential for growth.
.png)
.jpg)
.jpg)