The German AI company Bryter is growing rapidly. The software house is now receiving a further $ 66 million from American investors, including illustrious names. The founder is euphoric: “There is no limit for now.”
Dhe German AI company Bryter has received 66 million dollars (almost 60 million euros) from investors. The software house announced this to the FAZ in advance. Bryter is based in Berlin and Frankfurt and also has offices in London and New York. The company, which was founded in 2018 and now has 130 employees, operates an AI platform that primarily corporations use to automate processes that are otherwise taken over by legal departments.
According to FAZ information, the company has a current valuation of around 400 million dollars (350 million euros) and is now aiming for promotion to the league of unicorns. This is the name of the start-ups that are valued at at least one billion.
“If a company needs a confidentiality agreement under Chinese law, it can automate it with our app,” says Michael Grupp, managing director of the company and one of the three co-founders, describing a more absurd case. Or if large retail chains have to regularly check whether security requirements need to be renewed in their branches, this can be automated via its platform. However, no programming skills are required. Grupp called the approach “Lego for lawyers” shortly after it was founded in the summer of 2018 in the FAZ. “The platform should be so simple that someone who has no knowledge of programming can build it.”
Grupp thinks big: “We want to create a global software provider and become as big as we can.” Sales should at least double every year. In the next two years he wants to concentrate on the expansion in America, which is also where the income from the financing round should flow. “We can build a big player in the American market”, Grupp is convinced. In principle, he considers every company with a turnover of more than 500 million euros to be a potential customer.
Many large corporations as customers
The founder usually sounds euphoric in conversation: “We are developing software that every company needs and for which there are really no competitors.” He only sees competitors in the IT departments of companies and specialized providers who only have automatic data protection Offer exams.
Many commercial law firms that use the products to advise other companies, as well as various corporations, are already among the approximately 100 customers of the software house: including the fast food chain McDonald’s, the telecom provider Telefónica, the auditors PWC, KPMG and Deloitte, but also the Mechanical engineering company Gea is listed in the M-Dax.
The financing round is led by the New York investment company Tiger Global, which is one of the more illustrious addresses in the start-up world. Founder is billionaire Chase Coleman, whose fortune Forbes estimates at more than 10 billion dollars. American industry magazines describe him as a “hedge fund legend”. “Bryter has all the characteristics of a first-class software company,” Tiger Global partner John Curtius is quoted in the press release. The product is of high quality, the feedback from customers is positive, and the founding team is doing an excellent job. The investment house Accel, one of the largest start-up investors in America, continues to invest in Bryter. Accel was involved in an initial $ 16 million funding round last summer. In total, the company has raised $ 90 million.
Bryter founder Grupp is not aiming for an IPO. And yet he sounds like we’ll be hearing from him again soon: “So far everything has gone according to plan and a little better. That is fun. There is no limit at first, ”he says with the usual confidence.