Alchemy Machines raises $400k in pre-seed funding led by SFC Capital
The pre-seed investment was led by SFC Capital to support product development and team expansion.
≈ £327K at $1 = £0.8174 on 11 May 2022
Alchemy Machines builds conversational intelligence software that automates legal transcriptions and protects data.
Alchemy Machines has secured $400k in pre-seed funding to advance its speech recognition platform and expand its team. The round was led by SFC Capital and incorporates grant funding from Innovate UK.
The company applies natural language processing to transcribe and summarise legal calls while complying with UK data protection regulations. The platform aims to reduce administrative burdens for legal professionals and mitigate high trainee attrition rates in the sector.
From the founder
"High attrition rates in professional services mean that new generations of lawyers and accountants don’t want to spend their time on menial administrative tasks. This has a knock-on effect on support staff and in legal firms specifically, secretaries are working for an increasing number of lawyers, with the ratio expected to be 20 legal professionals per secretary by 2027. Our platform delivers richer, more insightful transcriptions and analytics for remote collaboration"
Dia Thanki
Founder and CEO at Alchemy Machines
Investor perspective
"Innovating in highly regulated, high-stakes industries is difficult even for well-established companies. The fact that Alchemy Machines’ technology is already being confidently used by law firms, is a sign that it is filling a much-needed gap in this industry. It also speaks highly of Dia’s vision and potential as an entrepreneur. Alchemy Machines has the capability to expand into other industries in need of the efficiency boost that its highly compliant next-generation transcription software can provide. We are excited to be supporting Alchemy Machines at this critical stage and look forward to seeing it go from strength to strength as it scales."
Ed Stevenson
Investment Executive, SFC
Use of funds
- 01Continue product development
- 02Grow the team
Investors
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About the company
Alchemy Machines
Alchemy Machines develops conversational intelligence software for automated legal transcriptions.