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- IOTA’s Dominik Schiener and KDDI Open Innovation Fund joined several other new investors to raise $92 million for legal AI Noxtua in a funding round led by C.H. Beck.
- Schiener has disclosed that the chance for IOTA to establish a partnership with Noxtua is currently slim but possible in the future.
The developer of the first “sovereign Legal AI” in Europe, Noxtua, has announced that it has raised a whopping $92 million in a Series B investment round.
According to the press release, this was led by one of the top legal publishers in Germany, C.H. Beck, and was participated in by several new investors, including business law firm CMS and global law firm Dentons. Meanwhile, previous and existing investors, including IOTA’s Dominik Schiener, Global Brain, and KDDI Open Innovation Fund, largely contributed. Together with C.H. Beck, they were reported to have taken over the shares of former investor Earlybird VC.
While this meeting was a strategic one to usher Noxtua into an additional market, it also witnessed investors converging from three industries to contribute their specialist data expertise, leading research, and technical knowledge to the broader course.
According to the CEO and Co-Founder of Noxtua, Dr Leif-Nissen Lundbæk, the unique blend of AI, legal, and computing expertise enables them to expand and cement their position in Europe while ensuring that they build AI tools that are powerful and have European values.
We are delighted about the successfully completed financing round and the new strong partners by our side – especially now that Europe’s digital sovereignty is more crucial than ever. European digital sovereignty is not merely a political question, but one that must also be addressed with hard technical facts.
Other Stakeholders Speak on Noxtua and Its Potential
Commenting on the success of the funding round, lawyer and partner for Artificial Intelligence at CMS, Dr Markus Kaulartz, highlighted that their vision is not ending with the “European Legal Aid” status. According to him, they are working tirelessly to ensure that the basis for a new standard tool is introduced as part of the plans to significantly change the daily operations of lawyers.
The CEO of Dentons Europe, Wendela Raas, also disclosed that their participation as a new investor was largely driven by their long-standing vision of becoming the “law firm of the future.” According to him, innovation has been their hallmark, henceforth, the need to participate in an initiative that could transform the industry.
As part of our wider strategy to embrace the power of artificial intelligence to transform our industry, we are excited by the opportunity for Dentons Europe to contribute our legal and innovation expertise to the development of Noxtua to address the specific needs of the European market.
Noxtua was first launched in 2017 as Xayn. According to our research, the first product it introduced was a mobile search engine that was heavily data privacy-focused. However, it later transitioned to legal AI after joining CMS to launch its first model in 2024.
Its involvement with IOTA co-founder Dominik Schiener has also hinted at a possible partnership, especially as it seeks to expand into other markets. According to Schiener, a future partnership is possible, but not now.
As discussed earlier, IOTA is currently focused on its ecosystem transformation through the Rebased Protocol. This has reached an advanced stage with transaction fees for users and validators recently introduced to sustain the network, as also highlighted in our previous publication.
