Norm Ai, a US startup that builds AI tools for legal and compliance work, has raised US$120 million in a round led by Khosla Ventures that values it at US$1.2 billion, as it expands products for regulated industries.

Blackstone, Bain Capital Ventures, and Coatue Management joined the round, bringing Norm’s total funding to more than US$260 million since its founding.

Founded in July 2023, Norm turns regulations, laws, and corporate policies into AI agents that review content, internal communications, agreements, and marketing and sales materials.

The company initially focused on financial services and insurance, and has said it plans to expand into healthcare, energy, and other industries.

Its clients include banks, hedge funds, insurers, and asset managers that collectively manage more than $30 trillion in assets.

Unlike rivals that mainly sell software to law firms, Norm also launched an affiliated law firm, Norm Law, which offers AI-assisted legal services directly to clients and charges based on outcomes rather than billable hours.

🔗 Source: Bloomberg

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