-78%

est. 2Y upside i

Legal TechSeries C

Norm Ai, the leading Legal & Compliance AI company, has a client base with a combined $30 trillion in assets under management. By turning legal code into AI code, Norm enables enterprises to move faster and more comprehensively in their legal and compliance processes with auditability, reliability, and trust.

Rank

#4214

Sector

RegTech / Legal AI

Est. Liquidity

~6Y

Data Quality

Data: Medium

390x ARR is extreme. $201M preferences on $2.3M revenue.

Last updated: March 22, 2026

Bull (15%)+150%

Land-and-expand with anchor customers; $40-60M ARR; acquisition at $3-5B.

Base (45%)-30%

$15-25M ARR; customer concentration; flat Series D; diluted common.

Bear (40%)-80%

Anchor customer churns; Thomson Reuters neutralizes; down round.

Est. time to liquidity~6.0 years

Preference Stack Risk

severe

Funding Intensity

22%

$201M on $897M (22.4%); needs $1B+ exit for common value.

Dilution Risk

high

Series D likely; 20-40% additional dilution.

Secondary Liquidity

limited

Secondary exists at $897M but thin.

Other — 2 roles

View all 2 open roles at Norm AI →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Norm AI's data — designed to show you've done your homework.

  • 1

    “ARR breakdown by customer?”

  • 2

    “Burn rate and Series C runway?”

  • 3

    “Blackstone investor-customer conflict management?”

Community

Valuation Sentiment

Our model estimates -78% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.