Steno, a legaltech company transforming legal support services, is the latest investment for Clio Ventures
Today, Clio, the world’s leading provider of cloud-based legal technology, announced its investment in Steno, a Los Angeles-based legaltech startup that streamlines court reporting with best-in-class technology and deferred payment options to improve law firms’ litigation processes.
Clio joins Left Lane Capital and Touchdown Ventures in investing in Steno’s $15M Series B funding round. This financing event is the second for Clio Ventures, following its first investment in Proof, an on-demand platform that serves court documents, in March 2022.
“When we launched Clio Ventures last year, our goal was to find and fund companies who demonstrated innovative ways technology could improve the legal process and enhance access to justice,” said Shubham Datta, Vice President of Corporate Development at Clio. “With both Proof and Steno joining our ecosystem, we’re excited to offer our customers access to outsourced litigation support services, directly from within Clio. This will be a game changer for litigators, enabling them to work much more efficiently.”
Court reporting is an essential part of the litigation process. Stenography, which uses a tool known as a stenograph that enables court reporters to record and transcribe real-time court hearings or trials, is a specialized skill that litigators still struggle to secure for their court cases. In fact, the $17B+ litigation support services market is primarily served via physical document delivery, powered by phone and email, resulting in a pile of paper bills and lawyers carrying costs for 18+ months.
Steno is transforming this largely paper-based market. Serving court reporters, plaintiff and defense firms, Steno works with the industry’s top certified stenographic court reporters to provide high-quality, accurate transcripts by offering the following services:
- Device and equipment rentals
- Complex case management
- Trial preparation services – interpreters, remote bench trial arbitrations, and hearings
- Nationwide conference rooms
- Delivery of real-time, expedited transcript turnarounds
- Flexible litigation financing with DelayPay, for deferred payment solutions
Clio’s investment in Steno marks the fifth major investment in promising legal technology in the past five years. Prior to Clio’s investment in Proof in March 2022, Clio acquired CalendarRules and Lawyaw in 2021 to automate arduous and error-prone aspects of the legal process. Earlier in 2018, Clio acquired Lexicata—now Clio Grow—to facilitate client intake in practice management. Along with the industry’s largest application ecosystem, these investments and acquisitions have expanded Clio’s capacity to deliver technology solutions at every point of the legal journey in one centralized platform.
“In 2023 and beyond, we will continue to evaluate and prioritize acquisition and investment opportunities that not only add new products and capabilities to Clio’s offerings, but also align with our mission to transform the legal experience for all,” said Datta. “Accelerating our existing product roadmap allows us to provide products and services that will better serve our clients and their evolving needs.”
Clio Ventures makes direct equity investments into promising early-stage companies with diverse founders that are advancing legaltech and creating innovative solutions that help transform the legal experience for all. With strong relationships with the legaltech developer community, Clio is fuelling the next generation of legaltech solutions that will be used by legal professionals globally.
To learn more about Clio Ventures, please visit clio.com/ventures.