PocketLaw and Tribosonics Pick Up Tech Funding

Legaltech startup PocketLaw plans to enter new European markets, while smart sensor company Tribosonics will increase its number of staff.

Legaltech firm PocketLaw and smart sensor company Tribosonics have grabbed tech funding.

PocketLaw has got an $11 million (£9 million) Series A investment from venture capital firm Atomico.

Sheffield-based Tribosonics has raised a further £1.5 million from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, and Mercia’s EIS funds.

PocketLaw’s European Dream

PocketLaw was founded in 2018 by Olga Beck-Friis and Kira Unger, who both featured in eWeek UK’s ‘Inspiring Women in Tech’ series. Their experiences as a consultant at McKinsey and an M&A lawyer at Mannheimer Swartling, respectively, drove them to create the legaltech startup.

The tech firm is headquartered in Stockholm but also has an office in London.

PocketLaw is a SaaS platform which handles processes and tools for SMEs, such as legal guidance, custom contract creation based on templates, execution and storage.

Atomico states: “At its heart, PocketLaw’s platform is built with the SME user in mind, and is focussed on tackling the simple, recurring tasks that make up so much of day-to-day legal work. Non-legals and legals alike can create contracts immediately which are completely tailored to their requirements and needs.”

There are no details yet, but on LinkedIn Beck-Friis points out PocketLaw’s ambitions: “Stay tuned for new European markets launching very soon.”

Sensors Working Overtime

Tribosonics embeds sensors within the moving parts of machinery to monitor factors such as friction, pressure and temperature. Its systems incorporate analytics and provide data in real time to “help companies improve process efficiency, extend plant life and reduce maintenance and energy use”.

Its technology is used in the manufacturing, energy and transport industries. The company’s clients include injection moulding entity ENGEL and automotive parts manufacturer Novares.

The investment will help Tribosonics develop its ‘Sensing as a Service’ solutions including polymerSENSE, which aims to reduce waste in the polymer and plastics recycling industry. Tribosonics has increased the size of its Sheffield team by 50% since late 2020, bringing the total to 30, and expects to create a number of new jobs in the year ahead.

The latest funding round brings the total raised to date to £2.6 million and follows an initial round by NPIF – Mercia Equity Finance in 2020.

Will Schaffer, Investment Director at Mercia, adds: “Tribosonics is a pioneer of Industry 4.0, which will transform manufacturing through the use of connected machines. Its sensor technology offers huge potential to improve efficiency and reduce energy use, which is a key challenge for industry now. The company has maintained steady growth and built a strong blue-chip client base since the last funding round. The latest investment will allow the team to develop more novel solutions.”

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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