Steno Raises $49 Million to Expand Legal Tech and Court Reporting Platform
Steno, a Los Angeles-based legal tech company, has secured $49 million in Series C funding to fuel its expansion plans.
Leading the funding round was Savano Capital Partners, with continued backing from First Round Capital, The Legal Tech Fund, and other strategic investors. The company intends to utilize the capital to broaden its geographic footprint across the United States, particularly targeting large law firms including the AmLaw 200.
The investment will also support the enhancement of Steno’s litigation technology suite, focusing on the development of AI-powered tools aimed at optimizing legal workflows. Steno has established itself as a hybrid provider, offering a blend of high-touch litigation services and advanced software solutions that seamlessly integrate into legal processes.
The company’s platform is currently utilized by numerous law firms monthly, and with this funding, Steno aims to further enhance its technology and service offerings to cater to the evolving needs of the legal industry.
Transcript Genius and AI-Powered Tools
A significant portion of the investment will be directed towards advancing Transcript Genius, Steno’s AI-powered transcript analysis tool. The company plans to launch an enhanced version of the product, building on its initial success and user adoption.
Steno’s overarching strategy revolves around delivering a unified platform that merges AI-driven insights with expert litigation support. By combining cutting-edge technology with service excellence, the company aims to address the intricate challenges faced by attorneys, paralegals, and court reporters.
Key Quotes from Steno Executives
Greg Hong, CEO of Steno, emphasized the company’s unique position as a hybrid service provider and tech company, enabling them to develop AI capabilities that set them apart from software-only firms.
Prabhdeep Singh, COO of Steno, highlighted the company’s goal of expanding beyond automation to offer a comprehensive platform where AI and expert support collaborate to solve complex legal issues.
Max Swicegood, Principal at Savano Capital Partners, praised Steno’s ability to provide a personalized service experience while leveraging advanced AI tools, positioning the company for significant growth.
The investment marks a significant milestone for Steno as it embarks on its next phase of expansion, with Savano Capital Partners joining the company’s board to support its growth trajectory. Rothschild & Co served as the financial advisor, and Cooley LLP acted as legal counsel for the transaction.
