Tower

What do they actually do

Tower builds an AI-powered platform for legal due diligence that combines a collaborative request-list workspace with an integrated data room. Deal teams draft and manage diligence checklists in one place, track edits and responses, set reminders, and cut down on email threads and spreadsheet versions (withtower.com).

The product connects to sources like Google Drive and SharePoint to pull documents in, then automatically organizes the data room by mapping files to requests, standardizes file names, and generates summaries, including for non‑English documents (withtower.com).

For review, Tower lets users analyze large document sets at once, returns answers with source citations, and flags issues such as expirations; results can be turned into deliverables. Pricing is offered per deal/GB or via an enterprise license (withtower.com; see FAQs).

Who are their target customer(s)

• M&A lawyers at law firms / external deal teams: They spend excessive time managing changing request lists, chasing responses, and syncing stakeholders across email and spreadsheets, which delays reviews and complicates billing.
• In‑house corporate counsel: They must gather documents from multiple systems and create a clean, searchable data room; manual collection and organization leads to gaps and slows transactions.
• Deal advisors and investment bankers: They need a single source of truth for checklist progress; missed or duplicated items create timing risk and frustrate clients.
• Private equity, VC investors, and acquirers: They review thousands of documents quickly to find risks; manual review is slow and can miss key terms or expirations.
• Paralegals and legal operations staff: They handle repetitive tasks like naming, organizing, and mapping files across languages and systems, which is error‑prone and blocks higher‑value work.

How would they acquire their first 10, 50, and 100 customers

• First 10: Run hands‑on pilots with mid‑market law‑firm deal teams and a few in‑house counsel sourced via founder/YC introductions and referrals, instrumented to measure before/after outcomes on live deals.
• First 50: Turn pilot outcomes into short case studies and playbooks, then run targeted outbound to similar firms and corporate legal teams while a dedicated seller standardizes onboarding and encourages referrals.
• First 100: Add partnerships and integrations with common drives/VDRs and co‑sell through legal‑ops consultancies and M&A advisory shops; offer a self‑serve or trial workspace for paralegals that converts via sales.

What is the rough total addressable market

Top-down context:

If expanded beyond diligence into broader corporate legal workflows, Tower participates in the global legal‑tech software market estimated around the mid‑$20 billions (≈$26.7B in 2024) (Grand View Research).

Bottom-up calculation:

Immediate product TAM from eDiscovery/document review (~$2.9B in 2024) plus supplier/due‑diligence automation (~$2.1B in 2024) is roughly $5B before overlap; a conservative working core TAM is ~$4–6B today (MRFR eDiscovery excerpt; DataIntelo). The due‑diligence services market (~$5.5B) indicates additional spend that software can displace over time (Credence).

Assumptions:

• Market segment estimates overlap (tools cover both eDiscovery and diligence), so we discount to avoid double‑counting.
• Figures reflect 2024 market snapshots; growth from AI adoption is not assumed in today’s TAM.
• Core TAM focuses on software replacing manual review/collection; broader legal‑tech workflows represent expansion, not current scope.

Who are some of their notable competitors

• Litera / Kira: AI‑driven contract extraction and clause analysis used widely by large firms; strong for pulling structured data and summaries but not centered on request‑list collaboration or workflow tracking (Litera Kira).
• Luminance: Legal‑AI for reading full document sets to surface anomalies and cross‑document issues across languages; focused on risk spotting rather than request‑list workflows (Luminance).
• DealRoom: M&A diligence platform emphasizing request lists, Q&A, and file‑to‑checklist linking with built‑in VDR and AI; closest on collaboration/tracker, positioned as broader M&A project tool (DealRoom).
• Datasite: Enterprise VDR with Q&A, trackers, audit trails and AI features; strong security and scale, VDR‑first rather than clause extraction or lightweight request‑list assistant (Datasite).
• eBrevia (DFIN): Contract‑analysis engine to extract provisions and populate summaries with VDR integrations; useful for bulk review but not a standalone request‑list/task collaboration tool (eBrevia).