Osborne Clarke advises Literal Labs on £4.6 million pre-seed funding

International legal practice Osborne Clarke has advised AI company Literal Labs in a £4.6 million pre-seed funding round.

Based in Newcastle upon Tyne, Literal Labs is a logic-based AI algorithm company led by ex-Arm VP Noel Hurley. It is pioneering AI models that are significantly faster, more energy efficient and more explainable than what’s currently available via neural networks. The company will use this funding to further grow its engineering team and bring its first commercial product to market.

The funding round was led by science and tech-focused investment firm Northern Gritstone and co-led by Mercuri, the London-based fund focused on companies at the intersection of media, entertainment, and technology sectors, with participation from Sure Valley Ventures.

The Osborne Clarke team was led by James Taylor and Olivier Jacquelin and included Shauna Poole.

“We are proud to have advised one of the most exciting AI companies operating at the moment. Since being spun out of Newcastle University, Literal Labs has expanded and attracted top talent in the field of AI from major companies. We are excited to see what this funding enables it to achieve next.”

Olivier Jacquelin, Senior Associate, Osborne Clarke

Osborne Clarke's Corporate team is a go-to practice for companies operating in tech-enabled industries. From start-up through venture financing and the growth journey beyond, whether continuing to sale, IPO or international expansion, the team has an outstanding track record advising businesses, entrepreneurs and investors that are driving innovation. Osborne Clarke's dedicated resource centre, OC Ventures, brings together experts from across our international network to deliver a holistic seamless service to clients throughout the ventures ecosystem.