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- Relativity
Relativity Funding, Investors & Competitors
Relativity has raised $125M across 2 funding rounds, most recently a undisclosed-stage round in March 2021.
Last Relativity funding round
Undisclosed stage
Amount undisclosed · Mar 2021
Cumulative funding Relativity raised
$125M
across 2 funding rounds
Key investors in Relativity
ICONIQ Capital
Silver Lake
About Relativity
Relativity is a legal software company headquartered in Chicago that develops e-discovery and legal data intelligence software. Its main product, RelativityOne, is a cloud platform that law firms, corporations and government agencies use to collect, process, search, review and produce large volumes of documents in litigation, investigations, data breach response, FOIA requests and antitrust second requests. Around it the company sells generative-AI review tools under the Relativity aiR brand, the Gavel drafting tool for Microsoft Word, and Relativity Trace, which monitors employee communications to detect insider trading, collusion and other misconduct for compliance teams. Relativity earns recurring software revenue from end customers and from service-provider partners that run the platform for their clients; it reports more than 300,000 annual users in 49 countries, including the U.S. Department of Justice and 198 of the Am Law 200 firms. The company was founded in Chicago in 2001 by Andrew Sieja as kCura, a .NET consulting firm, and later took the name of its Relativity product. ICONIQ invested $125 million in 2015, and in March 2021 Silver Lake bought a significant minority stake that reportedly valued the company at $3.6 billion and made it the largest shareholder. On March 19, 2026 Relativity confidentially submitted a draft S-1 registration statement for a proposed US initial public offering.
Founded
2001
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Subscription, Usage-based
Relativity Funding History
Relativity has raised a total of $125M across 2 funding rounds.
Relativity's first fundraising round was a $125M undisclosed-stage round in February 2015. The most recent completed round was a undisclosed-stage round in March 2021.
Relativity funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2021 | Undisclosed stage | Silver Lake | - | Relativity, the Chicago-based e-discovery software company, announced on 18 March 2021 a definitive agreement for a strategic growth investment from Silver Lake. Existing investor ICONIQ Growth remained a key shareholder, representatives of Silver Lake joined the board, and financial terms were not disclosed. The company said the partnership would help it accelerate growth, innovation and technology differentiation, devote more resources to its AI-based communication surveillance product Relativity Trace, and support global expansion of its cloud platform. Silver Lake managing partner Joe Osnoss said Relativity was the leader in software for the legal sector and increasingly strategic in enterprise technology, as data across formats has to be collected and analysed for compliance purposes. Chief executive Mike Gamson said the investment reflected Silver Lake's confidence in the company's commitment to innovation. Relativity's software is used by more than 300,000 annual users in 49 countries, managing more than 145 billion files. In the twelve months before the deal the number of customers and data under management on its cloud product, RelativityOne, more than doubled, and RelativityOne was available in nine geographies with four more planned for 2021. The company's customers include law firms, with 198 of the Am Law 200 using Relativity, as well as corporations, service providers and government agencies, and it had recently launched a FedRAMP-authorised offering for government. Qatalyst Partners and Reed Smith advised Relativity, and Simpson Thacher & Bartlett advised Silver Lake. |
| Feb 2015 | Undisclosed stage | ICONIQ Capital (lead) | $125M | Relativity (then kCura) raised $125 million in a private equity round in February 2015 led by ICONIQ Growth as its first long-term minority investor. The company develops Relativity, an e-discovery software platform for managing electronic data in litigation, investigations, compliance, and related processes. Funds were intended to accelerate innovation by investing in people, technology, and its user community, including building out the fully featured Relativity platform to meet market needs quickly. At the time, Relativity had over 110,000 active users worldwide, including the U.S. Department of Justice and 195 of the Am Law 200 firms, managing more than 50,000 matters with some involving hundreds of millions of documents. kCura was recognized as a 'Leader' in Gartner's 2014 E-Discovery Magic Quadrant, ranked 175th on Deloitte's Technology Fast 500, and named one of Chicago's Top Workplaces. Relativity remained privately owned and independent post-investment. ICONIQ Growth continued as a key investor in later developments, such as the 2021 Silver Lake strategic investment valuing the company at $3.6 billion, which supported growth in RelativityOne cloud product, AI-based Relativity Trace for communication surveillance, and global expansion. The company operates in the competitive e-discovery and legal tech space, focusing on AI solutions for legal data challenges, with products like RelativityOne for on-premises and hosted solutions via global partners. |
Who has invested in Relativity?
2 investors have backed Relativity across its funding rounds, including ICONIQ Capital and Silver Lake.
Lead investors include ICONIQ Capital.
Relativity Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Relativity
Relativity has acquired 5 companies to date.
Last acquisition by Relativity was on June 11th 2026. Relativity acquired Gavel for undisclosed valuation.
Latest Acquisitions by Relativity
| Description | Gavel is a software platform. Gavel provides an end-to-end AI and automation platform for lawyers that combines rules-based automation with domain-specific AI for drafting and review tasks. | Heretik is a Chicago-based legal tech company applying machine learning to contract review. Its platform identifies risks, clauses, and obligations in agreements for corporate legal teams. Used by Fortune 500 firms, Heretik processes thousands of documents daily with customizable playbooks. | Text IQ is an AI platform protecting enterprises from privacy, security, legal, and compliance risks in unstructured data. Founded in 2014, the New York City-headquartered company operates offices in San Francisco, Boston, Chicago, Vancouver, and Cork, Ireland. Text IQ serves Global 2000 financial services, insurance, healthcare, and government organizations with AI-driven sensitive information management. | VerQu is an Austin-headquartered data management software provider specializing in capturing email, chat, and voice communications for regulatory compliance and e-discovery. The platform helps financial institutions and healthcare organizations migrate data from legacy systems like Microsoft Exchange and Slack into secure archives. VerQu integrates with records management solutions from Iron Mountain and serves over 200 enterprises in North America. Founded in 2015, it supports FINRA and HIPAA retention requirements through searchable repositories. | |
| HQ Country | |||||
| HQ City | Los Angeles, CA | Chicago, IL | New York City, NY | Raritan, NJ | |
| Deal Date | 11 Jun 2026 | 29 Aug 2022 | 27 May 2021 | 6 Jan 2021 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Relativity acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Relativity
Relativity has invested in 5 companies to date.
Latest investment by Relativity was on April 7th 2026. Relativity invested in Patlytics in their $40M Series B round.
Latest Investments by Relativity
| Description | Patlytics is an AI-driven patent intelligence platform aiding companies in drafting, analyzing, and managing intellectual property portfolios. The Tel Aviv-headquartered tool scans global databases for infringements, evaluates portfolio strength, and streamlines prosecution workflows using machine learning algorithms. Launched in 2022, Patlytics serves law firms and corporations in tech and pharma with trend insights and prior art searches. | Advocacy supplies matter-centric AI infrastructure to litigation teams for capturing, orchestrating, and applying case intelligence in research, drafting, and analysis. | LegalMation is an AI platform automating routine litigation tasks for attorneys and in-house counsel. It generates responses to demand letters, discovery requests, and interrogatories using natural language generation trained on legal data. Los Angeles-headquartered LegalMation integrates with email and document systems to enhance efficiency. | Heretik is a Chicago-based legal tech company applying machine learning to contract review. Its platform identifies risks, clauses, and obligations in agreements for corporate legal teams. Used by Fortune 500 firms, Heretik processes thousands of documents daily with customizable playbooks. | |
| HQ Country | |||||
| HQ City | San Francisco, CA | San Francisco, CA | Los Angeles, CA | Chicago, IL | |
| Deal Date | 7 Apr 2026 | 5 Mar 2026 | 25 Oct 2019 | 18 Dec 2017 | |
| Round | Series B | Seed | Seed | Seed | |
| Raised | $40M | $4M | $4M | $2M | |
| Investors | Antiportfolio Ventures; BAM Corner Point; N47; SignalFire; Alumni Ventures; Myriad Venture Partners | Relentless; Fenwick & West | REV; Key Venture Partners; Bridge Investments | Chicago Ventures; Service Provider Capital; Corazon Capital | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Relativity investments and their VC round multiples. Start Free Trial | |||||
Relativity Competitors
Relativity competitors include listed companies like CS Disco, Dye & Durham and FiscalNote, and private ones like LinkSquares, Harvey and DeepJudge.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $20M | - | $800M | 40.0x | ||
| Private | $400M | - | $16B | 38.8x | ||
| Publicly listed | $157M | ($44M) | $372M | 1.6x | ||
| Private | - | - | $300M | - | ||
| Publicly listed | $293M | $144M | $78M | 3.4x | ||
| Publicly listed | $95M | ($32M) | $152K | 1.5x |
Relativity Public Comps
Relativity is still privately-owned, but its public comps include Constellation Software, SS&C Technologies, Topicus, Intapp, RWS Holdings, CS Disco, Hibino, Xp Industrial FII, Dye & Durham and GetBusy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $12B | $2.5B | 4.9x | 4.2x | 22.6x | 15.5x | |||
| $6.3B | $2.1B | 4.1x | 3.8x | 12.1x | 9.5x | |||
| $1.7B | $383M | 4.0x | 3.5x | 18.2x | 12.2x | |||
| $578M | ($16M) | 5.6x | 5.3x | (199.2x) | 24.4x | |||
| $927M | ($26M) | 0.8x | 0.8x | (29.2x) | 5.0x | |||
| $157M | ($44M) | 1.8x | 1.6x | (6.3x) | (39.8x) | |||
| $427M | $59M | 0.6x | 0.5x | 4.3x | - | |||
| ($10M) | - | (7.7x) | - | - | - | |||
This data is available for Pro users. Sign up to see all Relativity competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Relativity
| When was Relativity founded? | Relativity was founded in 2001. |
| Where is Relativity headquartered? | Relativity is headquartered in Chicago, IL, United States. |
| Is Relativity publicly listed? | No, Relativity is a private, VC-backed company. |
| How much funding has Relativity raised? | Relativity has raised $125M across 2 funding rounds. |
| What was Relativity's last funding round? | Relativity's last funding round was a undisclosed-stage round in March 2021. |
| Who are Relativity's investors? | Relativity's investors include Silver Lake and ICONIQ Capital. |
| Which companies are comparable to Relativity? | Companies comparable to Relativity include LinkSquares, Harvey, CS Disco, DeepJudge, Dye & Durham and FiscalNote. |
| How many companies has Relativity acquired? | Relativity has acquired 5 companies, including Gavel, Heretik, Text IQ, VerQu and Content Analyst Company. |
| How many companies has Relativity invested in? | Relativity has invested in 5 companies, including Patlytics, Advocacy, LegalMation, Heretik and HealthJoy. |
| What was Relativity's last investment? | In April 2026, Relativity invested in Patlytics' $40M Series B alongside Antiportfolio Ventures, BAM Corner Point, N47 and 3 other investors. |
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