As investors, one thing the York IE team loves to see are startups, founded by industry practitioners, trying to disrupt tech laggard industries through innovation. That is why this week we want to highlight Bodhala’s $10 million funding announcement. Bodhala’s software platform is aiming to disrupt one of the oldest industries, corporate law. The company’s platform helps customers analyze, interpret, and optimize their outside legal spend.
Hercules, Bodhala’s legal spend management solution, uses data science and machine learning to help their customers have clarity on their legal fees, providing more transparency to the relationship with their outside counsel. When law firms submit their invoices to the software, “It gives them insight and analytics on things such as why so many lawyers are working on a case, why they chose an expensive law firm or why they paid that hourly billing.” The more data the software ingests, the more it is able to provide customers help with predicting legal spend and suggesting ways they could optimize it.
Bodhala was founded by two Harvard Law educated lawyers, Raj Goyle and Ketan Jhaveri who have spent their careers to this point in politics and law giving them firsthand knowledge of inefficiencies in the industry. The duo appears to be onto something as Bodhala had over 300% growth in revenue in headcount in 2019, with projections to do the same in 2020. The company will use this funding to invest further in product development, sales, and marketing.