Good News From Texas - Onit Gets Funding

Balancing out my post this week on some less-than favorable news from Texas, I wanted to share some very good news from the Lone Star State.
Onit, a Houston-based legal technology company, obtained a healthy injection of capital this week. Eric Elfman, a founder and the CEO of the company, has been working tirelessly for months to secure this funding. I know this because he has cancelled lunch with me numerous times.
Onit is doing some very interesting things with technology. Their original focus on legal project management has evolved a bit to focus more on process automation. Process is something every legal department and law firm has, but are just coming to recognize. So an application that automates process is going to have significant value. If you look at the process mapping Seyfarth, Reed Smith and other firms are pursuing and the impact this is having, you will start to fully appreciate the value of such a tool.
The other unique aspect of Onit is its SaaS model. Process automation can be very painful due to the time and investment required in enterprise infrastructure. Onit removes that pain.
I’m guessing the $4.1m in funding from Austin Ventures is going to vault Onit deep into the market. Watch for great things coming from Eric and the team over the coming year.
Congratulations Onit!

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