LitLingo closed on its first institutional funding of $2 million in seed round capital Monday to help organizations minimize risks associated with electronic communications.
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“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,” Srinivasan said in a written statement. “Enabling that in real time with a delightful user experience is an incredibly hard challenge.”
Co-founders Kevin Brinig, CEO, and Todd Sifleet, CTO, started the Austin-based company in 2019 after seeing company distractions that occurred when mistakes such as typos, misspellings and grammatical errors were made in communications.
LitLingo’s platform uses artificial intelligence and Natural Language Understanding to evaluate written correspondence, including emails, office chats and customer service ticketing, and provide real-time feedback so someone doesn’t have to recall information from a training session three months ago, or sit in additional training, Sifleet said in an interview.
The funds will be used to expand its product and engineering teams in order to accelerate growth.
“We are an entirely tech company, so we can quickly expand our feature set and offer new use cases that differ from what we have seen,” Brinig told Crunchbase New. “The platform can be configured and customized, so if you make a policy change you can implement it without six months of training.”
Grand View Research reported that the global enterprise governance, risk and compliance market is expected to reach $88 billion by 2027. Tried-and-true methods companies have used forever, such as gathering everyone together for training or doing analysis, are all retroactive. Instead, real-time prevention is a more cost-effective and efficient way to solve the root problem, Brinig said.
Meanwhile, both Brinig and Sifleet, who are first-time founders, see their next steps as growing the customer base and helping organizations communicate better.
“Now is an exciting time in our space, especially as more people are working remotely,” Sifleet said. “More communication is in chat and online, and we want to help all of that be effective.”
Illustration: Li-Anne Dias