Connecticut Innovations said it has led a $1.5 million investment round in Stamford eBrevia, which makes artificial intelligence software that analyzes contracts and other legal documents.
CI invested $500,000. The Mohegan Tribe of Indians and other private investors also participated. The investment represents another play for Mohegan in diversifying its revenue base beyond the casino business.
CI said eBrevia will use the money for product development, sales and marketing, and hiring.
Its software helps law firms cut costs by automating document analysis, as well as tracking obligations in existing contracts, Ned Gannon, eBrevia’s co-founder, said in a statement.
CI made a pre-seed investment of $150,000 in eBrevia in 2012, and also awarded a $10,000 grant to eBrevia earlier this year.
Douglas Roth, investment director at CI, is on eBrevia’s board of directors.
