VXT, a burgeoning legal-tech startup, has gone live with a new AI-powered communications platform that interconnects with practice management software. This revolutionary tool is designed to help law firms save time, increase billable hours and minimise risks. Notably, VXT's user base expanded fivefold last year, indicating a new epoch in legal tech.
Despite only launching at the start of 2024, VXT's new platform has already managed over 2.5 million calls. In 2023, VXT saw its international customer base increase by five times. The financial part of this story is equally impressive - with annual recurring revenue shooting up by 30% in February alone, equating to $1.3 million NZD. The company has recently successfully raised $1.8M NZD in a Pre-Series A funding round, which will help fuel the startup's innovative agenda.
"VXT's growth is a testament to the need for tech-enabled efficiencies in this space. VXT's recent launch enables a smarter use of AI and the ability to supercharge efficiency," notes John Kells, Co-Managing Partner for GD1. The primary investor for this funding round was GD1, a follow-on investor, along with others such as Startmate, Phase One and a new investment has been made by J Zac Stein, a giant in Silicon Valley.
Expressing similar enthusiasm, Michael Batko, CEO of Startmate states, "VXT is an impressive company, amongst a small number selected for our Startmate Accelerator, and since then we have been an enthusiastic supporter and are excited to back them again with this investment."
According to VXT's founder, Luke Campbell, the company has rewritten hundreds of thousands of lines of code in the space of a year to launch this game-changing platform. "The relaunch has significantly enhanced the platform's capability. The new platform sets lawyers up for an AI-enabled future in which practices free their lawyers to spend more time communicating with clients, and winning new business, as software becomes increasingly more capable of performing legal work itself," Campbell explains.
VXT's cutting-edge solution automates the paperwork associated with phone calls, saving lawyers from the dreariness of repetitive paperwork. These include time logs, advice given, and keeping notes on the respective legal case. Crucially, the software features the capability to record billable time from phone calls directly in clients' practice management systems thanks to industry-specific integrations. AI-powered transcriptions and call recordings (disclosed at the start of each call) are securely saved and easily accessible, providing a flawless record of advice given to clients.
"In the early days, Canva spent two years rebuilding its platform - releasing almost no updates throughout that period. We knew that every extra day we waited would make this exponentially more expensive", adds Campbell. Today, this revamped platform equips law firms with a telephony system and internal communications product that are designed for the unique challenges that modern firms face. VXT's future promises video conferencing, transcription summaries, and automatic—not to mention accurate—filling of document templates for simple legal matters such as residential real estate with key data from phone calls.
Offering a constant client support service, VXT aims to add an AI support representative to law firms' phone systems. This would allow clients to enjoy around-the-clock assistance and intake services. An upcoming feature is also the potential to have AI-powered support agents mimic the voices of key staff members.
Feedback from the 200 legal teams who have used VXT's software has been overwhelmingly positive. Praising its enhanced reliability and superior call flow functionality, users have found it superior to MS Teams. "We're proud to be leading the transition to a world where admin work is a distant memory and we're excited to grow our platform's functionality to continue to serve legal firms throughout this transition", concludes Campbell.