Orbital Witness, the UK based LegalTech startup developing AI-powered software to transform the £4bn UK property due diligence market, has closed a £3.3m round of funding. The round was led by LocalGlobe and Outward VC, bringing Orbital Witness’s total funding to £4.5m. Having launched with its first customer in September 2018, Orbital Witness is now used by numerous large law firms, including four of the five “Magic Circle” firms.
Orbital Witness’ long-term vision is to build a “universal risk rating” for real estate. “Think of a credit risk check for land and property,” states Orbital Witness co-founder and COO Will Pearce. “Our technology is adept at trawling through and extracting key issues from the wide range of sources that a property lawyer considers, including HM Land Registry and local authorities,” explains Pearce. “For example, a user is alerted to third party rights, charges and restrictions that might block a sale. In our current state of product development, this allows Orbital Witness to act as an ‘early warning system’ for property lawyers”.
As an early Scalar North Capital portfolio company, we are delighted to see the company's growth so far.
Read more from the press release here.
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