Most AI legal startups sell software to law firms. Norm Ai built its own firm instead, and investors just valued the bet at $1.2 billion.
Norm Ai has raised $120 million in a Series C round that values the New York startup at $1.2 billion, Bloomberg first reported. Khosla Ventures, an early backer of OpenAI, led the round, with Blackstone, Bain Capital Ventures, and Coatue joining. The company has now raised more than $260 million in under three years.
A law firm, not just a tool
Founded in 2023, Norm sits in a crowded field. Startups such as Harvey, and model makers such as Anthropic, are all racing to sell AI that drafts documents, runs research, and reviews contracts for lawyers.
Norm took a different route. It did not sell software to law firms. Instead it launched its own affiliated firm, Norm Law, that acts as outside counsel to clients. AI agents do much of the work, and senior attorneys supervise them.
