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The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

Legal tech is a promising sector in the global startup ecosystem. While there are already several unicorns in the market, there remains plenty of room to grow. This can be seen from the fact that many of the unicorns in the legal tech space are originating from either the US or Europe, as can be seen in this list of top six legal tech unicorns of 2023 by Failory.

This brings our mind into the Southeast Asian (SEA) tech startup ecosystem. There is certainly an opportunity for startups in the legal tech space to seize in this market, due to the universal nature of the sector–where there is law, there is a potential need for legal tech solutions.

But for legal tech companies to rule the market, there are several hurdles that they have to face.

For example, in the company’s blog, Juro CEO and Co-Founder Richard Mabey lists down the top five misconceptions about the sector. The number one in his list is the misconception that the use of AI in legal tech solutions will eventually take over lawyers’ jobs.

“Arguably no term has attracted more column inches, when it comes to the business of law, than ‘AI’. The rush to deploy machine learning algorithms, natural language processing and other technologies to legal isn’t new – it started decades ago – but the difference between what’s promised and what’s possible has created uncertainty when it comes to its impact on headcount,” he writes.

“The reality is different. Mercifully the streets aren’t filled with lawyers who’ve been replaced by artificial intelligence. Instead, AI’s transformative power is being leveraged primarily to tackle low-value process work: reading PDFs and searching through emails.”

Also Read: Legal tech platform INTELLLEX raises US$2.1M funding round led by Quest Ventures

To deconstruct these misunderstandings about the legal tech space, we have Cherilyn Tan, CEO and founder of Tessaract.io, to speak in a fireside chat moderated by Elise Tan, Director, Communications & Community, Vertex Ventures Southeast Asia & India.

Speaking on the Forward Stage on June 14 at 02.55 PM SGT, this session will look at the challenges that a legal tech company faces and how Tessaract aims to face them.

Taking legal firms to the future

Launched in 2018, Tessaract.io is a no-code B2B SaaS technology provider aiming to assist professional services firms across the region in automating repetitive operations and focusing on priorities that deliver a better experience to their customers. Its solutions include the Tessaract.io platform and the TessaCloud document management system (DMS).

Tessaract.io platform allows end-to-end management of various workflows, including project tasks, schedules, sales leads, customer relationships, and accounting and reporting. The TessaCloud DMS, on the other hand, features enterprise search functionality with built-in Optical Character Recognition and secure digital signing via SingPass.

Cherilyn Tan, CEO and Co-Founder, Tessaract.io

All of its products are integrated with third-party cloud providers such as Amazon Web Services or Azure.

In August 2021, the Singapore-based startup raises US$3.3 million to expand workflow automation solutions in new markets. Led by Wavemaker Partners, the funding round also included the participation of PE firm CMIA Capital Partners, M Venture Partners, and angel investors such as Anand Swaminathan and Doug Parker.

Also Read: Going solo: Legal considerations for starting a small business in Singapore

As of 2021, the platform has established partnerships with a clutch of IT-managed service providers such as Singapore-based Stone Forest and government agencies, including the Inland Revenue Authority of Singapore, Accounting and Corporate Regulatory Authority, and Infocomm Media Development Authority.

In an interview with Legal Business Online, Tessaract.io speaks about how government-funded initiatives make the path to technology adoption in the legal sector easier.

“The Tech-celerate for Law programme has made it easier for companies to start their digitalisation journey,” the company states.

“Grants in Singapore have been a strong factor pushing the adoption of technology among law firms. Due to COVID-19, the need to go digital has been further increased and with that the government has extended and enhanced the availability of grants.”

This kind of external support might be just what legal tech companies need in order to able to secure users, win the market, and realise their true potential.

Elise Tan, Director, Communications & Community, Vertex Ventures Southeast Asia & India.

Echelon Asia Summit 2023

Get to know these experts and more at this year’s Echelon!

Echelon Asia Summit 2023 is happening on 14-15 June, at the Singapore EXPO. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

At the Echelon Asia Summit, participants get the chance to attend a diverse range of sessions, including keynote speeches, panel discussions, and workshops, all exploring exciting topics like AI, blockchain, e-commerce, fintech, and marketing. You’ll also have the opportunity to join networking sessions and meet-ups where you can connect with fellow entrepreneurs, investors, and industry leaders.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

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Image Credit: Tingey Injury Law Firm on Unsplash

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