The Austin, Tex., based discovery company DISCO said today that it has raised a $60 million equity financing, at a valuation for the company of $785 million, and bringing total investment in the company to $195 million.
The investment makes the company the market leader in cloud-based discovery technology, it says, and will enable it to go beyond discovery to become the kind of horizontal platform for enterprise legal that Salesforce built for sales.
“We are building the enterprise software system of record for the legal function,” said founder and CEO Kiwi Camara. “Every major company has a legal department and spends money on legal services, but there is very little software built to help legal professionals do their work.”
Camara said he wants to change that. “We believe that software can transform the legal function just as it has transformed every other business function. DISCO is positioned to build for legal the kind of horizontal platform that Salesforce built for sales.”
The financing was led by Georgian Partners, a growth equity firm that invests in SaaS-based business software companies. Existing investors Bessemer Venture Partners, LiveOak Venture Partners, and The Stephens Group all participated, and new investor Breyer Capital also invested.
DISCO said it will use the investment to aggressively expand its go-to-market team, doubling sales capacity in North America over the next 12-15 months, expanding its dedicated enterprise sales team, and growing its presence in the EMEA and APAC regions.
The company will also expand its strategic channel program, working with service providers who resell DISCO, including a growing number of the largest global service providers. DISCO will continue to invest in its cloud technology platform, software products like DISCO Ediscovery and DISCO Case Builder, and productized legal services such as it AI-powered DISCO Managed Review.
“In an emerging space like legal technology, real-world solutions require both world-class technology and first-rate professional services,” said Tyson Baber, lead investor at Georgian. “DISCO delivers both. DISCO’s investment in engineering and development of their proprietary platform, coupled with their incredible team, makes them well-positioned to help legal teams embrace the future.”