ayora Raises $1.6 Million to Revolutionize Revenue Management
London, United Kingdom – 28 March 2024 – ayora, the AI platform transforming revenue management for professional services, announced today that it has secured £1.27 million ($1.6 million) in a pre-seed round led by data and AI specialist fund J12, with participation from another specialist AI investor Twin Path Ventures and a group of high-profile angel investors including Farah Ballands (former CEO of Estera and Appleby partner), Roger Siddle (former Chairman of Lawyers on Demand, UK Managing Partner at Bain) and Abhijat Saraswat (CRO of Lupl, former Senior Director at Litera). With the new capital, ayora will accelerate the recruitment of top engineering talent to advance its product roadmap, and begin its commercial expansion starting with the BigLaw market, building on its recent partnership with major City law firm Mischon de Reya.
ayora estimates that globally, legal professionals lose up to 20% of revenue ($36bn per annum compared to a $180bn turnover) each year because of inadequate revenue management practices.
Many revenue management tasks handled by lawyers, including fee decisioning, project management and resourcing, and cross-selling remain labour-intensive and poorly supported by existing technologies. As a consequence, busy lawyers either de-prioritise those tasks at the expense of client work, or spend too much time on non-chargeable revenue management work, in each case leading to major value leakage for their firms. The resulting figures are stark: lawyers report they spend around a third of their time on non-billable work, whereas law firms routinely write-off fees equal to c.10–15% of the lawyers’ time and take an average of almost 150 days to get paid (2x longer than other industries).
ayora has built a solution that leverages the power of artificial intelligence to empower professionals as revenue managers. By translating disparate data into hyper-actionable insights, ranging from pre-drafting client correspondence to budget monitoring and suggesting optimal billing schedules, the platform facilitates a data-driven decision-making process for revenue conversion. At the same time, timesheet, billing and collection datasets, alongside the observation of the day-to-day revenue management activities inside the platform generates insights for firms to optimise revenues.
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