By Anna Tong
Legal artificial intelligence startup Paxton AI has raised $6 million in seed funding led by WVV Capital, with participation from Kyber Knight and 25Madison, the company said on Tuesday.
Additional investors include former Citigroup chairman Richard Parsons, and former Goldman Sachs international compliance head Robert Mass.
Paxton AI provides a product that functions like ChatGPT, but is aimed specifically at lawyers.
The release last year of ChatGPT, a chatbot from Microsoft-backed OpenAI, sparked a race in the tech industry to give consumers access to AI. ChatGPT uses generative AI to create brand new content that helps users in daily tasks such as editing or coding.
Generative AI has inspired a wave of enterprise startups, like Paxton AI, that provide specialized ChatGPT-like products for a variety of use cases, from finance to legal research.
Paxton AI says its service can be used to help perform work including legal research, drafting documents, and creating policies. Its product provides citations for every claim it generates, is updated in real-time with federal and state laws in the US, and can be deployed behind a company firewall with customized options for data isolation, the company said.
(Reporting by Anna Tong in San Francisco, Editing by Rosalba O'Brien)