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Commercial Legal Innovation

Wexler Announces $1.4 Million Pre-Seed Financing, Global Law Firm Adoption and Launch of AI Agent to Enhance Dispute Resolution

By Harry Moran |
December 3, 2024

Wexler Announces $1.4 Million Pre-Seed Financing, Global Law Firm Adoption and Launch of AI Agent to Enhance Dispute Resolution

Wexler AI, the AI-powered legal fact intelligence platform, today announced major enhancements driving adoption among leading law firms, including Burges Salmon and a top AmLaw100 firm. Clifford Chance is also exploring the platform for use in its world-leading litigation and dispute resolution practice. Wexler’s platform automates essential fact-checking and intelligence gathering in high-stakes legal disputes, allowing lawyers to focus on more complex and strategic value-driven activities. These advancements follow a $1.4M pre-seed funding round led by Myriad Venture Partners, with support from Entrepreneur First, prominent angel investors at ComplyAdvantage, Moonpig, Tractable, and CreditKudos, fueling Wexler’s growth and mission to redefine litigation worldwide.

Since its launch in April of this year, Wexler AI has processed over one million queries, achieved approximately 2X month-over-month growth, and more than tripled its annual recurring revenue (ARR). Wexler’s advanced platform enables law firms to help manage large caseloads with greater accuracy, reallocating resources from time-intensive manual review to high-value legal strategy. Built by security and privacy experts, the platform uses user-specific encryption keys, masks personal data, and meets ISO 27001, GDPR, and AWS Cloud Security standards.

“Wexler assists lawyers working on the world’s most complex cases. The platform delivers critical, verified facts that legal teams can act on with full confidence,” said Gregory Mostyn, co-founder and CEO of Wexler AI. “With support from Myriad Venture Partners, and Entrepreneur First, and working closely with Burges Salmon and also Clifford Chance, among others, we’re not just transforming how the legal industry tackles the time and efficiencies of fact-finding, but helping our customers generate greater business value for their clients.”

There is significant potential to improve efficiencies in the litigation document review process. Wexler’s AI approach reduces manual work, minimizes risk, and uncovers critical facts faster. Unlike traditional eDiscovery tools that merely organize documents, Wexler is purpose-built for high-stakes dispute resolution, delivering insights with an accuracy matching seasoned litigators.

Central to this is KiM, Wexler’s advanced agent for complex dispute tasks, which produces verified work output directly from case facts, automating steps like drafting, generating court applications, and extracting data from vast document sets. More than a passive tool, Wexler uncovers red flags, suggests follow-ups, and enhances case strategy as an active partner, enabling legal teams to drive efficiency and deliver results on the most challenging cases.

“Wexler is a powerful AI tool that is clearly designed for the types and volumes of work faced in dispute resolution,” said Tom Whittaker, director at Burges Salmon. “It allows us to identify relevant facts and produce useful work in a relatively short time, augmenting the work of our expert teams by providing them with additional methods to achieve their objectives. It has been a pleasure to work with the Wexler team over a number of years to continually improve its functionality to help meet our clients’ and colleagues’ high expectations.

With new funding from Myriad, Wexler is expanding its platform in 2025 including new features such as automated document drafting, advanced fact-checking tools, and streamlined discovery requests. These enhancements will extend Wexler’s impact beyond the legal sector, offering new applications in compliance and HR investigations.

“Wexler AI is redefining fact-finding for legal and investigative work, and we see enormous potential in its unique approach,” said Chris Fisher, founder and managing partner of Myriad Venture Partners. “Their rapid growth and ability to deliver verified, actionable information are transforming how legal teams and other professionals manage complex data. We’re excited to support Wexler’s journey and look forward to their continued momentum and innovation.”

Wexler’s founding team blends deep expertise in AI, law, and business. Gregory Mostyn and Kush Madlani met at Entrepreneur First, united by a vision of creating a category defining applied AI company. Gregory saw the inefficiencies of litigation firsthand when his barrister, then judge father, returned from work with binders piled high to the roof of his office. Kush, a former JP Morgan derivatives trader, began automating workflows with Python before completing a Machine Learning Master’s at UCL and joining Tractable, where he developed fraud-detection models and continuous improvement systems. Kush’s scientific background pairs perfectly with Gregory’s commercial experience as a marketing and sales director to transform dispute resolution. 

Wexler AI collaborates with partners across the legal sector, from AM 100 law firms to in-house teams at major enterprises. Interested clients can request a demo at https://www.wexler.ai/.

About Wexler AI

Wexler AI tackles the world’s most complex cases by streamlining fact analysis for legal, compliance, eDiscovery, tax, and forensics teams. Trusted by top global law firms, Wexler is redefining fact-finding through a combination of AI and human expertise. For more information, visit https://www.wexler.ai/.

About Myriad Venture Partners

Myriad Venture Partners is an early-stage venture firm defining the future of business solutions. Investing in visionary AI, clean technology, and B2B software leaders, Myriad brings decades of expertise and a robust corporate and financial partnership network. By connecting entrepreneurs, corporate partners, industry leaders, and co-investors, Myriad is changing the ways businesses operate, compete, and create value.

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Harry Moran

Harry Moran

Commercial

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Commercial

Legal Firm Pogust Goodhead Flags Financial Uncertainty

By John Freund |

Pogust Goodhead, the high-profile claimant law firm behind a number of major group actions, has warned of material uncertainty over its ability to continue as a going concern after publishing long-overdue financial accounts. The disclosure adds another layer of scrutiny to a firm that has been at the centre of some of the largest and most complex funded claims currently working their way through the courts.

An article in City A.M. reports that Pogust Goodhead filed its accounts for the year ending December 31, 2022 well past the statutory deadline, with the documents including a statement from directors acknowledging significant financial uncertainty. According to the filing, the firm remains dependent on securing additional funding and successfully progressing large-scale litigation in order to meet its obligations as they fall due.

The accounts show that Pogust Goodhead continues to operate at a loss, reflecting the capital-intensive nature of large group actions that can take years to reach resolution. The firm has been involved in headline cases, including environmental and consumer claims, where substantial upfront legal costs are incurred long before any recovery is realised. Directors noted that delays, adverse rulings, or difficulties in accessing external capital could materially affect the firm’s financial position.

Despite these warnings, the firm stated that it is actively engaged with funders and other stakeholders and believes there is a reasonable prospect of obtaining sufficient support to continue operations. The accounts were prepared on a going concern basis, although auditors highlighted the uncertainty as a key area of emphasis rather than issuing a qualification.

The disclosure comes at a time when claimant firms and their funders are facing heightened scrutiny from regulators, politicians, and critics of litigation finance. Financial transparency, funding arrangements, and risk allocation between law firms and third-party capital providers are increasingly under the spotlight, particularly in the context of large, cross-border group actions.

Commercial Regulatory Issues

New Litigation Finance Trade Group Aims to Counter Hill Attacks

By John Freund |

A new trade association has launched with the goal of giving the litigation finance industry a stronger and more coordinated voice in Washington as lawmakers renew scrutiny of third-party funding. The American Civil Accountability Alliance has been formed to push back against what its founders describe as growing political and legislative hostility toward litigation finance, particularly on Capitol Hill.

An article in Bloomberg Law reports that the alliance was announced in early January by lawyers Erick Robinson and Charles Silver, who say the organization will focus on educating lawmakers and policymakers about the role litigation funding plays in promoting access to justice. According to the founders, third-party capital allows plaintiffs to pursue complex and costly claims that would otherwise be financially out of reach, helping to balance disparities between individual or corporate claimants and well-resourced defendants.

The group is launching at a time when litigation finance has faced an uptick in proposed regulation. In 2024, Senate legislation nearly imposed a steep tax on litigation funding profits, a proposal that funders warned would have severely damaged the industry had it passed. Although that measure was ultimately removed from a broader legislative package, additional proposals continue to circulate in Congress, including bills aimed at mandating disclosure of funding arrangements and restricting foreign investment in U.S. litigation.

The American Civil Accountability Alliance plans to position itself as an active counterweight to these efforts. The organization intends to hire a Washington-based lobbyist and expand its membership beyond funders to include law firms, litigators, and other stakeholders involved in the civil justice system. In doing so, it joins the International Legal Finance Association as one of the few organized advocacy groups representing the industry’s interests at the federal level.

Announcements Commercial Fundraising

Sigma Funding Secures $35,000,000 Credit Facility, Bryant Park Capital Serves as Financial Advisor

By John Freund |

Bryant Park Capital (“BPC”) announced today that Sigma Funding has recently closed a $35 million senior credit facility with a bank lender. Sigma Funding is a rapidly growing litigation finance company focused on providing capital solutions across the legal ecosystem.

Sigma’s experienced executive team oversees a portfolio of businesses spanning insurance-linked litigation and other sectors, bringing a proven track record of successful growth and meaningful exits.

Bryant Park Capital, a leading middle-market investment bank, served as financial advisor to Sigma Funding in connection with the transaction.

“Bryant Park Capital was an indispensable advisor to Sigma and worked closely with our management team throughout the process,” said Charlit Bonilla, CEO of Sigma Funding. “BPC’s experience in the litigation finance space was critical in identifying potential banking partners and ultimately structuring our credit facility. Their extensive industry knowledge helped bring this deal to a successful close, and we are grateful for their support. We look forward to doing more business with the BPC team.”

About Sigma Funding

Founded in 2021, Sigma Funding is a leading New York–based litigation funding platform that provides pre- and post-settlement advances to plaintiffs involved in contingency lawsuits, as well as financing solutions for healthcare providers and attorneys. The company is the successor to the founders’ prior venture, Anchor Fundings, a pre-settlement litigation funder that was acquired by a competitor. 

For more information about Sigma Funding, please visit www.sigmafunding.com.

About Bryant Park Capital

Bryant Park Capital is an investment bank providing M&A and corporate finance advisory services to emerging growth and middle-market public and private companies. BPC has deep expertise across several sectors, including specialty finance and financial services. The firm has raised various forms of credit and growth equity and has advised on mergers and acquisitions for its clients. BPC professionals have completed more than 400 engagements representing an aggregate transaction value exceeding $30 billion.

For more information about Bryant Park Capital, please visit www.bryantparkcapital.com.