H4, a digital platform for document creation and analysis, announced on Tuesday that it has secured an investment of $27 million from giants like JP Morgan, Goldman Sachs, Barclays, and Linklaters.

This funding was made in several rounds completed earlier this year and the participants will receive minority stakes in the company.

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The capital market-focused offerings of the London-based company is already used by four banks and fourteen law firms in raising billions of dollars in the US and European high yield bond markets.

“The H4 team [is] solving the pain of using decades-old technology for the contracts that lie at the heart of the financial and legal industries. We just can’t accept that such important industries are still reliant on outdated tools when technology can unlock so much more, particularly during this time of remote work,” Joe Seifert, co-founder and CEO of H4, said.

Support from the big banks is beneficial for business

Founded in 2015, the London-based company already raised $12 million in another venture funding round completed in 2018, but the participants remain unknown.

The recent support from the big banks will also help the company in growing its industry reach as it expands from initial use cases and customers.

“H4 has a strong relationship with J.P. Morgan and we’re excited to see the momentum in digitizing documents and capturing data at the point of creation – this is a corner of the industry that is ripe for change,” Michael Elanjian, head of digital innovation at JP Morgan, added.

“The need for meaningful solutions in the digital document space across financial services is immense,” said Sarah Shenton, a growth equity investor at Goldman Sachs. “H4 is very well positioned to be at the forefront of delivering solutions with significant impact to both our firm and the industry.”