Bodhala, a company founded by two Harvard Law School graduates that seeks to disrupt legal spend management through the use of data analytics, has raised $10 million in a Series A financing round led by the growth-equity investment firm Edison Partners.
“With Bodhala, we created an AI-driven platform for the $500 billion legal services market,” cofounder and CEO Raj Goyle wrote yesterday in announcing the investment. “We provide essential 360-degree data on law firms and the analytical leverage needed to better allocate the legal market between its buyers and sellers.”
Bodhala uses an analytics platform it calls Hercules that uses anonymized market data to analyze a company’s market spend, looking at rates, practice areas, matter types and other factors to provide what it says are accurate, apples-to-apples comparisons of cost and staffing.
Its analytics provide transparency and accounting that help a company understand not just what it spends, but what it should spend.
“We wanted to tackle the outdated legal marketplace to bring transparency to the billable hour and sophisticated economics to the legal industry — one where visibility and fair competition lead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,” wrote Goyle in yesterday’s announcement.
The company will use the investment to accelerate sales and marketing as well as product expansion, it said.
Founded in 2016, Bodhala says it grew more than 300% in both revenue and headcount over the last year.