Crosby Raises $60M for AI Legal Contract Review

Crosby, a trailblazer in AI-driven legal services, has successfully closed a $60 million Series B funding round. This significant capital infusion was spearheaded by prominent venture capital firms Lux Capital and Index Ventures, with robust participation from Sequoia Capital, Elad Gil, 01 Advisors, and Bain Capital Ventures. The company has now amassed a total of $85.8 million in equity financing, underscoring strong investor confidence in its innovative approach to commercial contract analysis.

Founded in 2024 by seasoned professionals Ryan Daniels and John Sarihan, Crosby is redefining the operational efficiency of law firms by integrating proprietary artificial intelligence with licensed legal expertise. The platform is designed to expedite the review of commercial agreements, offering clients predictable, fixed pricing per document rather than the traditional, often unpredictable, hourly billing model. This shift addresses a critical pain point for fast-growing companies that frequently grapple with substantial legal overhead.

The core of Crosby's offering lies in its sophisticated AI agents. These agents meticulously parse documents such as NDAs and MSAs, cross-referencing every clause against an extensive database of market-standard terms. This allows for the rapid generation of redlines and the identification of potential ambiguities. The system then seamlessly integrates these AI-generated insights with the judgment of experienced attorneys, typically delivering professional legal feedback within an hour. This hybrid model ensures both speed and accuracy, a crucial combination in the fast-paced business world.

Ryan Daniels, CEO and a Stanford Law graduate with prior experience at Cooley and as General Counsel for startups like HiredScore (now part of Workday), co-founded Crosby with John Sarihan. Sarihan, a Penn graduate, honed his engineering and leadership skills at Ramp, gaining firsthand insight into the legal and regulatory challenges faced by rapidly scaling organizations. Their combined expertise bridges the gap between cutting-edge technology and practical legal application.

Since its market debut in 2025, Crosby has processed thousands of contracts for a diverse clientele, including notable tech companies such as Cursor, Clay, UnifyGTM, Cartesia, Alloy, and Overjet. The platform's ability to integrate into existing workflows and build customized legal knowledge bases for each client further enhances its value proposition. This focus on tailored solutions makes it particularly attractive to high-growth startups that may not yet have a dedicated in-house legal department.

The newly acquired capital will be strategically deployed to further enhance Crosby's AI capabilities, expand its network of licensed attorneys, and broaden the scope of legal services available to its rapidly scaling client base. The company's previous funding rounds, including a seed round led by Sequoia Capital and a Series A led by Bain Capital Ventures, laid the groundwork for this latest expansion, signaling a consistent trajectory of growth and innovation in the legal tech sector.