CEO SERIES Episode 15:
A Conversation with Alexsei CEO Mark Doble
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Yeah, I appreciate it. Thanks Alexson, and as Alex said, we're an AI company in the legal space and really our mission with this product that we're super excited about working very hard on is fully automating the production of legal research memos, and it's our view that this is the end state of legal research.

Just because the complex nature of legal questions, that they're not questions like how tall is the Eiffel Tower? This is the kind of question that you type into Google you get the answer right away. And it's for that reason that we don't talk about researching the height of the Eiffel Tower.

But we do talk about researching the law, doing legal research because the questions are inherently complex. They're not one word answers, they're not one sentence answers, they require multiple paragraphs and we call these memo like documents. For the same reason why judges have to write judgements, they're memo like documents in a judgment describing the law, answering legal questions.

So part of the origin thesis of our company was that this is the end state of legal research. And that the technology is available now and we had to invent a lot of it to get to the point where we can really automate a significant portion and soon the entirety of producing legal research memos.

So this really the product that got our company started. And in our view, it's an amazing product that vastly outperforms all the other legacy, legal research providers. These were all database search tools. It was a collection of documents with some fairly primitive search capability, even though they're leveraging some of the state of the art in natural language processing.

They were built on a false notion that search is the right interface for legal research. And legal research as we know it or at least have vast majority of legal research is really a question answer problem, not really a search problem. And the difference is that in a question answer problem, you know the question but you don't know the answer.

And we know looking at our data, we know the words used in a question, but the person who asked that question doesn't necessarily know the words used in the answer to that question. So we had to build a model that learned the mapping of question to answer content.

So that when somebody types in a question we return the answer content not something that just approximates the question which is what all the existing legacy database search tools do. So this to us was a massive improvement on the product legal research product. But it became clear that we had to figure out a way to innovate on distribution in the same way we innovated on the product.

And this is over the past year or so this has been our the biggest focus for us is really innovating on distribution to the same degree we've been able to innovate on the product. And so this turned out to be something that was kind of lurking under the surface so we part of our engineering core competency is text generation.

And so we were able to look at some of the data that our engineers generated using these language generative models. And realize that wow, this is amazing content to publish in an open facing SEO optimized kind of way, optimized for returning in search results. We know that all lawyers begin their legal research on Google.

They type in fairly technical keywords, and very easy to compete with on Google. Not many pieces of content out there that compete with these very technical legal keywords. And so we've been able to publish up to 50,000 and in the next few months, we'll have another several 100,000 by the end probably up to a million unique URLs.

And the goal is every time a lawyer goes to Google to begin their legal research which as we know all do, there'll be some piece of content that shows up. It'll just be an excerpt though some indication as to what the answer might be with a clear call to action for them to convert to become a customer.

So this innovation really around distribution is what up until the past six months or a year we've seen significant progress from this distribution channel a very affordable way of acquiring new customers. And it's very clear this is gonna be the lead channel for us to continue to grow.

So in addition to this, we've fully oriented ourselves to be a product-led, first company with sales layered on top. And this is again, something that is very unique in the legal tech space, a pure product led growth I would argue, has never occurred successfully in legal tech before.

And we all know the power of a true product lead motion and so this is something that we're really starting to unlock. And I think our product lends itself to it, the content that we have really lends itself to it and so this has been a really exciting evolution in our company.

And adoption has been really consistent and strong. We have good solid revenue growth, but it's high quality revenue churn is very, very low. Our customers are very sticky. And we've seen this shift at least in, we started in Canada and just over the past year we've been rolling out into the US and we'll be fully serviceable across the US by the end of the year that's our goal.

But what we've seen in Canada the shift in the market has been first the early adopters using Alexsei as competitive advantage. And that quickly shift to using Alexsei as way to not be at a disadvantage, and we've now repeatedly heard new prospect customers saying it feels like I can't not use Alexsei.

And so this is happening more and more and something that we're really excited about this shift in the market. So with that said I'll leave it at that, I'm happy to answer any questions as they come up in the Q&A.

 

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Alexsei is the developer of an advanced legal platform designed to answer complex legal questions at scale. Their platform employs advanced machine learning and leverages collective intelligence for a knowledge management system to keep track of all important issues, enabling lawyers to upload and share manual legal research work.
ffVC first invested in Alexsei in 2021
Mark Doble
Co-founder & CEO
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