November 25th 2014
By Mara Lee
Stamford startup eBrevia raised $1.5 million in seed funding, including $500,000 from Connecticut Innovations, the state-funded venture capital fund announced Tuesday.
CEO Ned Gannon, one of five employees at the firm, said he and his cofounder originally aimed to raise just $1 million. The Mohegan Tribe was the third largest investor in this round, after Connecticut Innovations and an anonymous angel investor.
The company has raised $2.1 million in total since its founding in 2012, with two-thirds of that support coming from Connecticut Innovations, through participation in a tech accelerator, winning a contest prize and via pre-seed funding.
The company has created software that helps law firms or legal departments at corporations partially automate document review during the merger and acquisition process. There are 12 firms piloting the software, Gannon said, and while they haven’t sold the technology to anyone yet, they are working on converting some of the free trials into sales.
The company has five-full time employees, three in Stamford and two in New York. With this funding, they will be able to hire an attorney, a software engineer ,and some sales and marketing people. Gannon said he expects the majority of the hires to work in Connecticut.
Douglas Roth, director of investments at Connecticut Innovations, said, “This investment will allow the company to fund product development, increase sales and marketing efforts and grow the team to meet the demand for its products.”
Gannon said he hopes the company will have its first sale in the first three months of 2015.