Raises $2M Seed Round led by LiveOak Venture Partners
LitLingo Technologies, a startup utilizing AI/NLP to manage context-driven communication and prevent conduct risk, announces that it has closed a $2 million seed round led by LiveOak Venture Partners. Krishna Srinivasan, Founding Partner at LiveOak, will join the Board of Directors of the company. The funds will be used to expand its product and engineering teams in order to accelerate growth.
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LitLingo was formed in 2019 to develop a new approach to help legal and compliance executives and operational leaders prevent unforced errors in communications and allow companies to enhance value in employee interactions. To solve this challenge, LitLingo developed a machine-learning platform and proprietary, out-of-the-box models focused on training and prevention. LitLingo’s approach differs from existing solutions in that it offers the ability to encode existing policies and best practices, enforce them in real-time, and provide corrective action to users prior to the creation of written material that could result in adverse consequences. The company believes that real-time prevention is the key to disrupting the $45B risk & compliance industry.
“The traditional solutions to mitigating legal, compliance, or cultural risks with employee communications are retroactive and expensive – engaging outside counsel, hiring more lawyers, company-wide quarterly trainings – we’d like to flip that paradigm on its head and help our customers prevent risk before it is created,” said Kevin Brinig, co-Founder and CEO of LitLingo. “Fewer HR issues, stronger culture, and improved compliance are all byproducts of the LitLingo solution. If a company can prevent a single lawsuit or regulatory action on its own recognizance, it avoids millions of dollars in costs.” He added, “It’s counterintuitive, but our favorite analogy is: the average speed of a racecar goes up when you improve the brakes. We’d like all our customers to achieve that.”
LitLingo has already helped several companies optimize their business communications while in stealth mode. The company leverages integrations across several email, office chat, and customer service ticketing platforms.
The LitLingo team has deep expertise in NLP/AI, risk management, fraud/waste/abuse, and product development from their careers in the sharing economy, autonomous vehicles, risk management consulting, and the healthcare industries. They have combined all of this expertise in order to benefit the corporate risk industry.
“The inflection point we see within AI and Natural Language Understanding (NLU) offers an incredible opportunity to create solutions that are remarkably powerful and incredibly cost effective. We’re entering a new era with what AI can do in areas previously thought impossible,” said co-founder and CTO, Todd Sifleet.
As LiveOak’s Srinivasan noted, “We have seen first-hand the importance of better written communication to drive down risks of litigation, improve compliance and operational KPIs and importantly elevate the overall cultural tone in an organization. Enabling that in real time with a delightful user experience is an incredibly hard challenge. Kevin and Todd with their deep product technology capabilities and background are uniquely qualified to tackle this problem. They have tapped into a rich vein of demand that is particularly relevant for these times. As such, we are really enthusiastic about building a successful company in this arena,” said Srinivasan.
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