Register and share your invite link to earn from video plays and referrals.

Chetan Puttagunta
@chetanp
@benchmark investing at seed/ series a
1.4K Following    108.4K Followers
You may have heard that Legora has surpassed $200M in ARR at positive gross margins. Here is the other half of the story: what happens after customers are on the platform. Usage has to map to value, and efficiency gains must show up for customers. Most credit consumption on @WeAreLegora comes from two areas: LLM usage and document processing. In August, we significantly improved our Agent harness, LLM routing, and orchestration. Credits tied to LLM usage on Agent dropped by roughly 25%, with response quality improving. In September, we rebuilt how Legora ingests and processes documents. The work now uses ~25% fewer credits while maintaining quality. Those two changes have reduced credit consumption for the same work by more than 20% since August. Consumption-based customers can now do the same work for fewer credits. Next, we are working on additional harness and routing improvements, as well as more efficient document processing. As we find efficiency gains, our goal is to keep passing them back to consumption-based customers. Legora is building a long-term company to support legal teams for decades to come. Our strong financial health makes that all possible. That includes a pricing model that gives back to our customers.
Show more
Numeral is solving the complexity of sales tax for thousands of businesses around the world with AI. The growth and execution from this remarkable team has been terrific. Thrilled to have invested in every round since we led the Series A.
Show more
Numeral has raised a $100M Series C, led by Insight Partners with participation from Salesforce Ventures, Benchmark, Mayfield, Uncork, Y Combinator, FCVC, and Geodesic. This brings our total funding to $157M. @numeral solves U.S. sales tax, VAT, and GST compliance for 3,500+ global businesses, trusted by companies like Supabase, Eight Sleep, and Graza. We’re building the future of tax -- where AI agents, human expertise, and global compliance come together in one system. Since starting the business in 2023, we’ve grown quickly across our core e-commerce and software segments, while expanding into new industries including manufacturing, distribution, and wholesale. There is a lot of work in front of us. Sales tax is more dynamic than ever, with states like California implementing new taxes on software and more states using AI for enforcement. We are hiring across the org from engineering to product, sales, and marketing. And we’ve just opened our new office in NYC. If you are looking for what’s next, I’d love for you to take a peek at our careers page. Excited for the year ahead. And humbled to be working with investors like @insightpartners, @rebeccaliudoyle, @SalesforceVC, @katiessschwartz, @ZKokosa, @MayfieldFund, @SPangulur, @benchmark, @chetanp, @ycombinator, @gustaf, @uncorkcap, @susanwliu, @GeodesicCap, @arvindayyala, @FundersClub, @mittal, @mantisVC, @AlexPallNY, @ShaanVP, @lennysan, @moizali, @ringmybeller, @khency6, @asturnerr, @maariabajwa and so many others.
Show more
Legora has gone $1M to $200M ARR in less than 24 months continuing to set a speed record for the fastest ever to do it with a direct sales motion. With the best product, this remarkable team continues to define AI for legal teams. Thrilled to have backed them from the seed round.
Show more
I first came to San Francisco when I was 15, with my dad. He is a programmer. To a teenager from a small island outside of Stockholm, this was the place where the future was being built. We walked into Salesforce East and stood there watching the enormous digital display of moving water. Outside, Salesforce Tower was starting to rise. I remember looking up and thinking it would be pretty sweet to have a tower someday. We are not there yet. What I could not have known is that I would be back years later, having dinner with @Benioff and welcoming @salesforce as a @WeAreLegora customer. Salesforce's Legal and Corporate Affairs organization will now use Legora across North America, EMEA and APAC. Their lawyers keep the judgment calls. We take care of the work around them. We have run on Slack since day one and became Salesforce customers when our sales team outgrew its first CRM, so it is good to have it run in the other direction too. Welcome to Legora, Salesforce. Dad, this one feels special.
Show more
We're welcoming Salesforce to Legora. Salesforce has adopted Legora across its Legal and Corporate Affairs organization, in North America, EMEA, and APAC, complementing its use of Agentforce and Slack. This is what an AI-native legal function looks like in practice: a connected stack built for real legal work, at scale. “AI is reshaping how legal teams operate, and with Slack and Agentforce we're building an AI-native, trust-first legal function that empowers our team to work more efficiently and focus their time where it can have the greatest impact. Adding Legora to our transformation portfolio gives our team additional legal tools to support research, drafting, and other workflows, so they can spend more time on the work that requires their expertise and judgment,” said Erica Swainson, VP, Legal Innovation & Strategic Initiatives, Salesforce. With Legora, Salesforce's legal team will stay ahead of an evolving regulatory landscape, apply consistent negotiating positions at scale, and handle more research and drafting directly, with lawyers staying in control where judgment is required. That's the Legora aOS: a single connected system of AI tools that plans, executes, reviews, and delivers legal work end to end.
Show more
What an endorsement for @Benchmark from @Cerebras CEO @AndrewdFeldman: “Benchmark was and extrodinary partner” Were early on our journey but this has also been my experience with Benchmark and @ChetanP 👌 @jaltma, @EricVishria
Show more
For the first time, firms can build compounding engines of institutional knowledge. Those that succeed will become massively more valuable than those that don't.
Series A to $500m run rate revenue in 11 months! Extraordinary team and remarkable product!
It's been amazing to see all the new users to fomo over the past few months We now have 2.5 million users, many of which have joined us recently We've done over $500mn in annualized revenue over the past 30 days We've paid out $10mn to fomo creators in the past 2-3 weeks alone
Show more
Data we are seeing at Legora is that as law firms and legal teams adopt Legora, they become far more efficient and decide to expand their teams to pursue new business opportunities and functions. A great reminder that the world is not zero-sum.
Show more
Every journalist asks me a version of the same question. Will AI mean fewer lawyers? Our customers are hiring more of them. Put complexity of the task on one axis and volume on the other. Low-complexity, high-volume work moves to agents, and that pushes the pyramid up. More of the hard work gets done, because someone finally has the capacity to do it. Then there is demand. When something gets faster and better, the world asks for more of it. Jevons noticed it in 1865. Better steam engines made Britain burn far more coal. That was coal, not law, but the mechanism is the same. More M&A, more disputes, more regulatory work, more companies being started. The pie is growing. An independent study interviewed 30 firms across the AmLaw 200, Magic Circle and top international firms. 42% said Legora has helped them win new work, directly or indirectly. 45% said the same about expanding relationships with clients they already had. 39% have taken on matters that would previously have needed more people, more time, or a no. One firm in that study went through a corporate client's entire technology supply chain, every contract, to work out what they were paying and where. A human team would have needed weeks and the cost would have killed the project before it started. With Legora it took four to five days. Their own summary: it was work that we would not have done in the past. The work was not economical before, so nobody did it and nobody billed for it. Now it gets done, and someone has to do it.
Show more
I co-founded Opendoor ($10B+ rev). Today, I’m launching Summation. We raised $35M from Benchmark & Kleiner Perkins to build an AI analyst you can trust. Here’s where Claude and ChatGPT fall short: 🧵
Show more
0
286
1.1K
103
Forward to community
Terrific conversation between @MaxJunestrand and @spdholakia. Highly recommend!
If you’re building in vertical AI, here are 6 founder lessons to steal from @MaxJunestrand of @WeAreLegora. He breaks it all down with @spdholakia in their latest conversation → See the lessons below 🧵
Show more
Advancements are constant, surprising, and uneven. There is no best model
Perfect example of virtue signaling. You’re literally on the team building the thing. Do something about it. And as a society we hold companies responsible for malfeasance and we should hold Anthropic responsible.
Show more
@jillgun I would burn my equity to the ground in a heartbeat for a 1% higher chance we make it out of this situation alive. I expect a great many of my colleagues across the industry would as well. I promise you, we are actually just fucking scared, it's not galaxy brained marketing.
Show more
Anthropic's claims are getting more outlandish as the IPO approaches: We will destroy the majority of jobs We will destroy the majority of companies Now: We might kill all humans (!!) Next: We might eat the universe??
Show more
Again: "Ahh we're so helpless with the thing we're building..." is such a weird posture for a $1T company.
Jacob is correct here—we really do earnestly believe AI could kill all humans! I personally think it is >10% within the next decade. I believe Anthropic is trying its best, but we do not yet have a plan to solve alignment for superintelligence and are not clearly on track to.
Show more
AI is our fastest growing segment and this is just the beginning. We've spent years building foundational infrastructure for travel and the effort is increasingly paying off in a big way. Exciting times ahead!
Show more
Cognition is the first investment in our first dedicated growth fund. When we discussed the fund’s strategy, we agreed that we wanted to focus solely on companies that were still only 1% of the way through their journey despite being at growth-stage scale, and had a shot at becoming trillion dollar businesses. Cognition fits the bill entirely and we have been blown away by the momentum and the scope of their ambition
Show more
A couple days ago I mentioned Legora's surprisingly high 9x annual growth rate. These numbers explain what's happening. They win 78% of competitive pilots, and gross retention is 95%.
Five numbers tell you whether an AI business is a real business. Gross retention.@WeAreLegora is 95%. Customers who bought last year are still here this year. If this one is broken, nothing downstream matters. NRR. Ours is 300%+. Gross retention is the floor. NRR is how much taller customers build on top of it. We don't sell shelf-ware.  DAU/MAU. Ours is north of 50%, and the average active user spends 17 hours a month in the product. A rollout tells you a firm has signed. This indicates the work actually matters, and it moves here before it appears in retention or NRR. Win-rates. Our August pilot closed-won-win rate was 78%. Winning roughly 4 out of 5 competitive pilots is downstream from offering a superior product. Gross margin. The one that matters most. Ours is positive and improving every quarter. Our customers want Legora to be a long-term partner, and this is what makes that possible. There's a shorter route: Price below what it costs to serve, book the logo, and hop on a never-ending fundraise treadmill to pay for it. The top line goes up, everyone claps, and every new customer costs more than they pay. Scaling a negative margin only exaggerates the problem. The whole point of scale is that the margin improves as you go up. Ours does. That's the only version of this business worth building.
Show more
Legora's revenue has increased by over 9x from this time a year ago. That's an astounding growth rate for a company of this size. It's not unusual for a startup to grow that fast in the first 6 months, but Legora is 3 years in.
Show more