UK Markets open in 6 hrs 5 mins

CIBC Innovation Banking Provides Blue J Legal with $2 Million Growth Financing

CIBC Innovation Banking is pleased to announce a $2 million growth capital financing for Toronto-based Blue J Legal ("Blue J"), a machine learning and AI-powered predictive legal software platform that specializes in North American tax law and Canadian employment law. The growth capital will be used to support Blue J’s continued product diversification and geographic expansion efforts.

Founded in 2015, Blue J utilizes machine learning algorithms to scan historic judicial decisions and search for patterns to predict the outcomes of future cases. Legal professionals leverage the data alongside relevant case law, saving time and money. The company is currently backed by BDC Capital, LDV Partners, Mistral Venture Partners and Relay Ventures.

"Blue J’s predictive platforms fundamentally transform the way professionals approach legal research and how they advise clients," said Amy Olah, Executive Director, CIBC Innovation Banking. "We are proud to support Blue J as it continues to expand its product focus and operations across North America."

"CIBC Innovation Banking has been incredibly responsive, especially in the current economic environment. The team understands the needs of startup companies like ours, who are on the leading edge and growing quickly," said Benjamin Alarie, CEO and co-founder, Blue J. "We are excited to work with them as we continue to grow."

About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start-up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.

About Blue J Legal
Blue J uses proprietary data and machine learning algorithms to predict court outcomes with 90% accuracy. Its AI-powered platforms enable lawyers, accountants, and other professionals to support their positions with data-backed insights, research comprehensively and demonstrate due diligence. Blue J is on a mission to bring absolute clarity to the law, everywhere and on-demand.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200414005061/en/

Contacts

Kathryn Lawler, kathryn.lawler@cibc.com, 416-242-1943