Norm Ai raises $120 million Series C at $1.2 billion valuation

Norm Ai, a startup building AI agents for legal work, raised a $120 million Series C led by Khosla Ventures at a $1.2 billion valuation, the company said on July 7, 2026.

The round brings Norm Ai’s total raised to more than $260 million in under three years and adds a deep bench of financial backers, including Blackstone, Bain Capital Ventures, Craft Ventures, Coatue, Vanguard, New York Life and TIAA, alongside former Blackstone president Tony James and former Kirkland & Ellis chairman Jeff Hammes.

The startup sells AI agents that automate regulatory and compliance work, and it runs an affiliated, AI-native law firm, Norm Law, chaired by former Sidley Austin executive committee chair Mike Schmidtberger. Norm Law prices its services on outcomes rather than billable hours. The company said clients managing more than $30 trillion in assets use the platform.

“We’re building the interface between AI and the most legitimate encapsulation of human values: law,” said founder and chief executive John Nay.

The asset figure is the company’s own and covers clients’ total assets under management, not revenue or a measure of how much legal work the agents actually handle.