How AI Startup Text IQ Got Profitable By Shaving Millions Off Customers' Legal Costs

Text IQ chief executive Apoorv Agarwal says his software's job is to spot a needle in a haystack – but a costly one. Make a mistake in discovery during litigation, and a company can face sanctions of tens or hundreds of millions of dollars, he says. Like other startups, Text IQ's raised funding to solve that problem. Unlike others, Text IQ is profitable. And for its first outside funding, it's taking only about $3 million from top investor Floodgate and a group of veteran legal counsels in a seed round its founders say could be the only money it ever needs.