The New York-based company said it intends to use the funds to expand on products and hit its sale goals as it transforms and modernizes the purchasing of outside counsel services.
Bodhala, which experienced 300% growth in both revenue and headcount in 2019 and is expected to do the same this year, leverages data science, machine learning and analytics to help companies optimize outside counsel spend.
“Bodhala co-founders Raj and Ketan developed the first modern platform to bring data-intelligence, let alone real-world economics, to the legal services spend of large and enterprise firms,” Daniel Herscovici, partner at Edison Partners who led the investment, said. “Analysts estimate AI-driven legal technology will be a $37 billion business by 2026, and the Bodhala SaaS platform delivers the insights general counsel and claims officers need to make meaningful decisions about their budgets, while still producing equal or better legal outcomes.”
Herscovici will also be joining Bodhala’s board of directors.
“The legal industry is a non-functioning market where law firms have had full control, leaving in-house counsel at the mercy of ever-increasing fees from their counsel without the leverage the ‘buy-side’ deserves to have,” Raj Goyle, co-founder and CEO of Bodhala, said. “Our mission is to bring a market-driven economy to the legal industry — one where visibility and fair competition lead to the selection of the right lawyer at the right law firm at the right price. The groundbreaking platform we have built is uniquely positioned to address this issue and through our partnership with Dan and the Edison team, we will be able to continue to drive real and meaningful change in this market.”