In April we mentioned that Justin.tv founder and Y Combinator alum Justin Kan had assembled a team to “disrupt the prison business” and was once raising $ 10 million to take action. This week Kan verified that the company has accomplished its fundraising course of, elevating $ 10.5 million in what ended up being probably the most greatest “celebration rounds” I’ve ever seen.
past this week I met with Kan to discuss Atrium LTS — the “LTS” stands for “legal expertise services” — and the corporate’s plans. And whereas Kan remains to be loathe to enter all of the small print, citing some regulatory issues nonetheless being ironed out, he may supply some excessive-stage point of view into where he believes Atrium can follow technology to the criminal industry.
As a “energy consumer” of criminal products and services over a decade within the startup industry, during the foundation and fundraising of startups like Justin.television in addition to the work he’s carried out as an investor and marketing consultant to firms via Y Combinator, Kan says he was frustrated via how little technology was getting used within the technique of interacting with quite a lot of legislation corporations.
“Why don’t law companies use venture management device to track where they’re within the means of finishing a deal and let clients see that?” Kan requested. but extra essential than the best way during which legislation companies have interaction with clients, Kan sees a chance to streamline the work that is accomplished in-house to make it more manageable for lawyers and people who work at law corporations.
“when you take into accounts corporate legal work that’s done lately, some a part of it’s art and then a few of it is repeatable processes,” Kan told me. It’s these repeatable methods that the Atrium workforce believes it may possibly innovate on to make things more efficient.
Now onto the funding… As we suggested, the spherical was once led via general Catalyst, but what we didn’t comprehend at that time is that the financing includes nearly a hundred institutional and angel investors who got here along for the ride.
other taking part firms embody: 500 Startups, area Ventures, steadiness Ventures, BeeNext, Binary Capital, box group, Brainchild, Caffeinated Capital, First spherical Capital, Founders Fund, GGV Capital, green o.k., Greylock, Initialized Capital, Jackson square Ventures, Liquid 2 Ventures, NEA, Oriza Ventures, Palapa Ventures, Palm pressure Capital, Shasta Ventures, Signia, gradual Ventures, Soma Capital, Struck Capital, SV Angel, Tekton Ventures and Thrive Capital companions.
And right here’s a listing of all of the angels investing within the spherical: Aarjav Trivedi, Adrian Aoun, Amitt Mahajan, Andrew Chen, Andrew trader, Ari Kardasis, Armaan Ali, Arram Sabeti, Avichal Garg, Bennett Rogers, Brent Goldman, Brian Goodman, Brian Shin, Josh Buckley, Charles Forman, Charlie Songhurst, Chris Fanini, David Cheng, David Schellhase, Desmond Lim, Dharmesh Shah, Emmett Shear, Eric Glyman, Erik Torenberg, Eusden Shing, Matt Brezina, Gil Penchina, Greg Chang, Immad Akhund, Jack Newton, Jason Tan, Jenny Haeg, John Doerr, John Hering, Jon Dahl, Josh Reeves, Karim Atiyeh, Kevin Lin, Kyle Vogt, Lee Linden, Loren Vittetoe, Manish Shah, Matt Gamache-Asselin, Maxim Zasov, Michal Borkowski, Mike Ghaffary, Mikhail Seregine, Osuke Honda, Paul McKellar, Ranidu Lankage, Rene Reinsburg, Robin Chan, Ruchi Sanghvi, Sam Altman, Saurabh Gupta, Scott James, Steve Jang, Sujay & Sheel Tyle, Tikhon Bernstam, Travis VanderZanden, Wayne Chang, and Wei Guo.
You get all that?
adequate, so the question is, why would Atrium LTS hassle raising cash from so a variety of stakeholders? Why not simply get a number of large assessments from just a few outstanding buyers, as an alternative of numerous small exams from a bunch of VCs and angels?
“We’re constructing device to support the delivery of prison work for these people,” Kan told me. in consequence, it makes sense to get a certain quantity of buy-in from the trade. It’s no longer near to the capital, however about getting a funnel of firms and folks which may be possible consumers as Atrium goes through its product development section and tries to reach product-market fit.
As one instance of how the corporate is already working to solve their problems, Kan sent alongside the screenshot to the right, ostensibly displaying how it used its personal tools as a part of the fundraising course of… and with the aid of extension, how different entrepreneurs and buyers could use those tools sooner or later.
Kan promises more to come back — together with more small print about the tech the corporate is constructing and how it will start providing that technology to clients — but in the intervening time, you’ll almost certainly simply have to imagine all of the reasons you hate your law agency and what you assume they may be able to do better, and take alleviation in knowing that Justin is working to fix it.
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