Steno Raises $49 Million in Series C Funding
Steno, a Los Angeles-based company specializing in tech-enabled court reporting and litigation services, has successfully closed a $49 million Series C funding round. This round was led by Savano Capital Partners, with additional support from First Round Capital and The Legal Tech Fund, among other strategic investors.
Company Background
Founded by Dan Anderson, Greg Hong, and Dylan Ruga, Steno provides an innovative approach to court reporting and litigation services. The company leverages technology to offer solutions that address both technological and financial challenges in legal proceedings. Steno's platform is designed to integrate seamlessly into legal workflows, helping attorneys, paralegals, and court reporters navigate complex legal tasks more efficiently.
Strategic Use of Funds
The newly acquired funds will be utilized to expand Steno's geographic presence across the United States. The company aims to increase its reach among large law firms, including those within the AmLaw 200. A significant portion of the investment will also support the development of Steno's litigation technology suite, particularly focusing on its AI-powered tools.
One of the key areas of growth will be the enhancement of "Transcript Genius," Steno's AI-driven transcript analysis tool. The company plans to release an upgraded version of this product, building on its initial success. This investment in technology underscores Steno's commitment to integrating advanced AI capabilities directly into legal workflows.
Board and Advisory Changes
As part of this funding round, Savano Capital Partners will join Steno’s board, positioning the firm to play a more active role in Steno's future growth. Rothschild & Co provided financial advisory services for the transaction, while Cooley LLP acted as legal counsel.
Quotes and Insights
Co-Founder and CEO Greg Hong commented on the funding round, stating: "Today's investment allows us to release a vastly improved, differentiated offering that stays ahead of anything else in the market."
Steno's ability to blend high-touch litigation services with cutting-edge technology sets it apart from traditional legal service providers. By continuously evolving its offerings, Steno aims to address the ongoing challenges faced by legal professionals with practical solutions.
With this significant injection of capital, Steno is well-positioned to scale its operations and enhance its service offerings, reinforcing its status as a leader in the legal tech industry.