Irish artificial intelligence analytics start-up Brightflag has raised more than €7 million in a new funding round.

The company’s software uses text analysis to read and understand legal invoices. This information can then be used to generate savings for big corporates that typically spend many millions on legal fees.

Brightflag, established in 2015, claims its platform eliminates many of the problems associated with old billing systems, such as costly implementation, while also driving savings of up to 12 per cent on external legal spend.

Its customers include ride-sharing tech unicorn Uber, Australia’s biggest telecoms group Telstra and enterprise software company Rimini Street.

The latest funding round was led by Sands Capital Group, which earlier this year also participated in a $25 million Series B funding round for Limerick-headquartered life sciences tech start-up Teckro.

Other companies previously backed by Sands Capital includes Nasdaq-listed Docusign, Funding Circle and MuleSoft.

Brightflag, which was founded by Ian Nolan and former Matheson associate Alex Kelly, has previously raised over €3 million, including $1.5 million (€1.3 million) in a funding round in late 2017.

Long-term Irish backers Frontline Ventures, Tribal VC and Enterprise Ireland also participated in the latest funding round.