VXT Secures Funding And Launches Groundbreaking Legaltech Platform To Take On Microsoft Teams

VXT, a legal-tech startup, has launched a new communications platform that integrates with practice management software and allows firms to save time, capture more billables and mitigate risks with AI-powered functionality. Its user base quintupled (5x) last year, with the platform setting new standards in legal tech.

VXT quintupled its international customer base during 2023 and its new platform has already handled more than 2.5 million calls since its launch. In February alone, VXT increased annual recurring revenue by 30%, up to $1.3 million NZD. To support their rapid growth, VXT has secured a Pre-Series A round of $1.8M NZD, enabling the team to invest in innovation.

“VXT’s growth is a testament to the need for tech-enabled efficiencies in this space. VXT’s recent launch enables a smarter use of AI and the ability to supercharge efficiency,” comments John Kells, Co-Managing Partner for GD1. GD1 took most of the round as a follow-on investor, with other follow-on investors including Startmate and Phase One and new investment from Silicon Valley heavyweight J Zac Stein.

Startmate’s CEO Michael Batko adds that "VXT is an impressive company, amongst a small number selected for our Startmate Accelerator, and since then we have been an enthusiastic supporter and are excited to back them again with this investment."

“In just a year, VXT has changed hundreds of thousands of lines of code - over half of our codebase - to launch a brand new platform,” explains Luke Campbell, Founder of VXT.

The re-launch has significantly enhanced the platform’s capability. “The new platform sets lawyers up for an AI-enabled future in which practices free their lawyers to spend more time communicating with clients, and winning new business, as software becomes increasingly more capable of performing legal work itself,” explains Luke.

How it works…

Every communication that takes place between a lawyer and a client comes with necessary paperwork such as recording time, detailing advice given, and recording notes against the matter. When a lawyer makes an average of 10 phone calls per day, this compounds into a significant amount of repetitive paperwork that is often not billable to the client. For a busy lawyer, it is easy to occasionally miss a detail, or forget to record time for a call. This contributes to significant financial opportunity costs, both in unrecorded billable time, and time spent on non-billable tasks. On average, 20% of billable time goes unrecorded, and at smaller firms, lawyers often spend more than 50% of their time on non-billable tasks

VXT solves these challenges by automating the paperwork associated with phone calls. It automatically records billable time from phone calls in clients' practice management systems using industry-specific integrations. The software can also keep a perfect record of advice given to clients through call recording (automatically disclosed at the start of a call) and AI-powered transcriptions which are all securely saved and accessible.

Empowering lawyers for an AI-enabled future

“In the early days, Canva (now worth more than $26bn USD) spent two years rebuilding its platform - releasing almost no updates throughout that period. Many of the changes VXT customers were calling out for were very hard or impossible to make without carefully reenvisioning our platform architecture; and we knew that every extra day we waited would make this exponentially more expensive,” adds Luke.

Today, VXT supports law firms with a phone system and internal communications product built for the challenges a modern firm faces. Their product roadmap includes video conferencing, transcription summaries, and identification of important data in phone calls that could be used to pre-populate document templates for simple matters like residential real estate. Using VXT, law firms will be able to provide their clients with around-the-clock support and client intake services by adding an AI support representative to a phone number that clients can call. “Soon, it will also be possible to use AI-powered support agents to service customers in key areas such as client intake 24/7. These agents could even be trained to use the voice of a key staff member,” says Luke.

Setting new standards in legal tech globally

The software has proven hugely popular with the 200 legal teams who use it, with practices calling out the “Improved reliability compared with MS Teams!”, going on to say “Not only is VXT fully integrated with our system, but we also don't have issues with call quality, and the call flow functionality is so superior to what we had previously."

“Throughout history, we’ve seen repetitive tasks progressively automated away. We’re proud to be leading the transition to a world where admin work is a distant memory and we’re excited to grow our platform’s functionality to continue to serve legal firms throughout this transition,” concludes Luke.

About VXT

VXT is a cloud-based, VoIP phone system that seamlessly integrates with popular practice management systems like Clio, MyCase, LEAP, Smokeball, PracticeEvolve EvoleGo, and Actionstep. Automatically create and save file notes from your calls and save these, as well as SMS to a contact or matter in your practice management system. After a call, VXT automatically records your time. These automations help mitigate risk, save time and provide a superior user experience for legal firms globally.

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