AnthroTek, a synthetic anatomy startup based in Newmarket, has become the first UK company to close a funding round entirely using legal Artificial Intelligence. The business completed a £950,000 seed round as part of a total £1.15 million raised to date, at a reported £10.5 million pre-money valuation. The firm said the process cut legal costs by roughly 90% and that the capital will be put towards product development and growth.
Rather than hiring traditional law firms, AnthroTek used London-headquartered Genie Artificial Intelligence’s £30-per-month platform to draft, review and negotiate key documents, including shareholder agreements, articles of association, term sheets and subscription agreements. The company also says Genie handled a material transfer agreement, intellectual property assignments and nondisclosure agreements, allowing AnthroTek to avoid external legal spend. Co-founder and chief commercial officer Nazmus Tareque said he had been quoted £15,000 to £20,000 by several law firms before choosing the Artificial Intelligence route and described the completed documents as a complex set handled in a fraction of the usual time.
Genie Artificial Intelligence’s co-founder and chief executive officer, Rafie Faruq, hailed the deal as a landmark for startup financing, saying it removes costly legal bottlenecks and speeds up dealmaking. The platform’s proponents argue that by reducing friction and legal fees, founders can deploy capital more effectively. AnthroTek expects a further £550,000 tranche in the next 12 months. The company and Genie position the outcome as a potential precedent for other startups and a challenge to conventional legal fee structures in early-stage fundraising.
