Bodhala raises $10 million
Bodhala, a data-intelligence and legal technology platform, has raised $10 million in a round led by Edison Partners, the Princeton, NJ-based growth capital firm.
With companies spending nearly $500 billion annually on outside counsel, Bodhala applies data science, machine learning and AI-driven insights to help companies analyze, interpret and optimize legal spend. The company provides clients with a comprehensive view of the legal market including the ability to compare what they’re paying their legal firms against similar companies, identify law firms expertise and capabilities of partners, and discovering “nuanced solutions” for complex matters.
Bodhala was founded in 2014 by Raj Goyle and Ketan Jhaveri who met at Harvard Law School. The company experienced 300+% growth in both revenue and headcount in 2019 and is on pace to do the same in 2020. Bodhala also saw significant client growth in the last 12 months across each of its key verticals including financial services, healthcare services, insurance, energy and private equity.
“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. 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 Herscovici and the Edison Partners team we will be able to continue to drive real and meaningful change in this market.” – Raj Goyle, cofounder and CEO of Bodhala.
“With Bodhala, internal legal departments are able to direct work to the right outside lawyers, consistent with but not exclusively based on relationships, and then guide the work more appropriately to manage legal risk, outcome and cost. During the COVID-19 pandemic, this has become even more important, as clients consume Bodhala data to hedge the risk of being overly reliant on too few relationship law firms or partners.” – Ketan Jhaveri, cofounder and President of Bodhala.
“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. 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.” – Daniel Herscovici, Partner, Edison Partners.
