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LEXRAYZ

Never miss a

billable hour again.

Smart reading glasses powered with AI that map what a lawyer sees and hears

to the right matter — for accurate drafting and billing.

PRE-SEED  ·  SEPTEMBER 2026

LEXRAYZ

Never miss a billable hour again.

Smart reading glasses powered with AI that map what a lawyer sees and hears to the right matter — for accurate drafting and billing.

PRE-SEED · SEPTEMBER 2026

THE PROBLEM

A lawyer's day is eight hours.

Only three of them get billed.

3.0 hrs

billable work captured in an average

8-hour day — 38% utilization

2.6 hrs

actually invoiced after write-downs

(88% realization)

$349 / hr

average hourly rate, US lawyers,

January 2025

 

The five unbilled hours are not idle. They are meetings, calls, hallway conversations, paper, courthouses — real client work that never becomes a time entry because it happened away from a keyboard.

Sources: Clio Legal Trends Report 2025 (utilization, realization, hourly rate benchmarks).

LEXRAYZ

02  ·  PROBLEM

LEXRAYZ
02 / 20

THE PROBLEM

A lawyer's day is eight hours. Only three get billed.

3.0 hrs

billable work captured in an average 8-hour day — 38% utilization

2.6 hrs

actually invoiced after write-downs (88% realization)

$349 / hr

average hourly rate, US lawyers, January 2025

Five unbilled hours a day are real client work that happened away from a keyboard.

Clio Legal Trends Report 2025.

LEXRAYZ02 · PROBLEM

THE LEAK

Time recorded from memory

is time that disappears.

Every hour between doing the work and logging it costs the firm. The 0.1s and 0.2s — the quick call, the reviewed exhibit, the two-paragraph email — go first.

$87,500

lost per attorney, per year, from a single

missed billable hour a day at $350/hr

Share of billable time retained, by when it is logged100%Logged as it happens87%Logged end of day75%Logged end of week

Sources: ABA guidance via Rocket Matter (10–15% lost at end of day, 25% at end of week); SurePoint 2026 (same-day capture yields 5–15% more billable hours); Above the Bar 2026 ($87.5K at $350/hr).

LEXRAYZ

03  ·  PROBLEM

LEXRAYZ
03 / 20

THE LEAK

Time recorded from memory is time that disappears.

Every hour between doing the work and logging it costs the firm. The 0.1s and 0.2s — the quick call, the reviewed exhibit, the two-paragraph email — go first.

100%

logged as it happens

87%

logged end of day

75%

logged end of week

$87,500 lost per attorney per year from a single missed billable hour a day at $350/hr.

ABA via Rocket Matter; SurePoint 2026; Above the Bar 2026.

LEXRAYZ03 · PROBLEM
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WHY IT'S STILL UNSOLVED

Every timekeeping tool

only sees the screen.

Passive capture products watch email, calendar and documents on a desktop. They are blind to the meeting, the phone call, the paper exhibit, the deposition, the walk to the courthouse — where a large share of client work actually happens.

 

ON SCREEN

Captured by existing tools

Email · Drafting · Research · Calendar

 

OFF SCREEN

Reconstructed from memory — or lost

Meetings · Calls · Paper · Court · Travel

LEXRAYZ

04  ·  PROBLEM

LEXRAYZ
04 / 20

WHY IT'S STILL UNSOLVED

Every timekeeping tool only sees the screen.

Passive capture watches email, calendar and documents on a desktop. It is blind to the meeting, the call, the paper exhibit, the courthouse.

ON SCREEN

Captured by existing tools

Email · Drafting · Research · Calendar

OFF SCREEN

Reconstructed from memory — or lost

Meetings · Calls · Paper · Court · Travel

LEXRAYZ04 · PROBLEM

THE SOLUTION

Smart eyewear for you.

AI power for your work.

 

Image 0

THE FRAMES

Genuine Meta Ray-Ban, in the wearer's size, style and prescription. 12 MP ultra-wide camera, five-microphone array, open-ear audio. Looks like reading glasses because it is.

 

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THE INTELLIGENCE

Proprietary Lex.AI software. Recognizes documents, exhibits and email; transcribes meetings and calls; maps everything to the right matter and drafts the billing narrative.

 

Image 2

THE APP

One-tap approval. Nothing is billed until the attorney reads it and releases it. Entries sync to Clio and the firm's billing system on approval.

Integrated package, ready out of the box: frames, prescription filled, matters loaded, billing connected.

LEXRAYZ

05  ·  SOLUTION

LEXRAYZ
05 / 20

THE SOLUTION

Smart eyewear for you. AI power for your work.

THE FRAMES

Genuine Meta Ray-Ban

The wearer's size, style and prescription. 12 MP ultra-wide camera, five-microphone array, open-ear audio.

THE INTELLIGENCE

Proprietary Lex.AI

Recognizes documents, exhibits and email; transcribes meetings and calls; maps to the right matter.

THE APP

One-tap approval

Nothing is billed until the attorney reads it. Entries sync to Clio on approval.

LEXRAYZ05 · SOLUTION

HOW IT WORKS

From sight and sound to billed hour.

 

01

LIVE CAPTURE

 

10:41:32  ·  VISION

Term sheet v4 on the table — document recognized.

10:42:07  ·  AUDIO

“…counsel confirms the revised liquidation preference…”

→

 

02

AI INTERPRETATION

 

CLIENT

Meridian Capital

MATTER  ·  ACTIVITY

Series B financing  ·  Client meeting  ·  98% confidence

→

 

03

BILLING ENTRY

 

NARRATIVE

Client meeting re: term sheet revisions; discussed liquidation preferences.

TIME

0.8 hr  →  Approve  →  syncs to Clio

Capture, interpretation, billing — one flow. The attorney's only job is to tap Approve.

LEXRAYZ

06  ·  PRODUCT

LEXRAYZ
06 / 20

HOW IT WORKS

From sight and sound to billed hour.

01

Live capture

Term sheet v4 on the table — document recognized. “…counsel confirms the revised liquidation preference…”

02

AI interpretation

Meridian Capital · Series B financing · Client meeting · 98% confidence

03

Billing entry

“Client meeting re: term sheet revisions.” 0.8 hr → Approve → syncs to Clio

The attorney's only job is to tap Approve.

LEXRAYZ06 · PRODUCT

TRUST BY DESIGN

Built for the rules lawyers

already practice under.

 

Consent

Capture opens with a spoken consent prompt the client hears and answers — recorded, timestamped, attached to the matter.

Built for all-party consent states. Model engagement-letter language included.

 

Privacy

Encrypted on device and processed inside the firm's own tenant. Retention and purge set by the firm admin. Meta receives none of the data.

Trains no model. Ours included. It turns off when folded.

 

Control

Courthouse and deposition lockout. Matter-scoped capture. Nothing is billed until an attorney reads it and releases it.

SOC 2 Type II on the roadmap. Full audit trail. Privilege memo available.

LEXRAYZ

07  ·  PRODUCT

LEXRAYZ
07 / 20

TRUST BY DESIGN

Built for the rules lawyers already practice under.

Consent

A spoken consent prompt the client hears and answers — recorded, timestamped, attached to the matter.

Built for all-party consent states.

Privacy

Encrypted on device, processed in the firm's own tenant. Meta receives none of the data.

Trains no model. Off when folded.

Control

Courthouse and deposition lockout. Matter-scoped capture. Nothing bills until an attorney releases it.

SOC 2 Type II on the roadmap.
LEXRAYZ07 · PRODUCT

WHY NOW

Three curves just crossed.

 

7M+

Ray-Ban Meta pairs sold in 2025 — 3× the previous two years combined. Meta holds 69% of the smart-glasses market. Glasses with a camera are now socially normal.

EssilorLuxottica; IDC Q1 2026

 

2026

Meta's Wearables Device Access Toolkit opens the camera, five-mic array and speakers to third-party apps, with public publishing targeted this year. This was impossible before.

Meta developer blog, Dec 2025

 

$6B

Venture capital into legal tech in 2025, a record. Harvey at $11B, Laurel's $100M Series C for AI timekeeping alone. Firms are buying AI — and buyers now exist.

Artificial Lawyer; CNBC; LawSites

 

167%

Year-over-year growth in display-less smart-glasses shipments in Q1 2026. IDC expects 13.6M units this year and 27.3M by 2030.

IDC, July 2026

LEXRAYZ

08  ·  WHY NOW

LEXRAYZ
08 / 20

WHY NOW

Three curves just crossed.

7M+

Ray-Ban Meta pairs sold in 2025 — 3× the previous two years combined

2026

Meta's Wearables Device Access Toolkit opens the camera and mics to third parties

167%

YoY growth in display-less smart-glasses shipments, Q1 2026

$6B

venture capital into legal tech in 2025, a record

EssilorLuxottica; IDC; Meta developer blog; Artificial Lawyer.

LEXRAYZ08 · WHY NOW

MARKET

1.37 million US lawyers.

One product that pays for itself in weeks.

 

TAM

Billable time leaking from US private practice. ~1.0M hourly-billing lawyers × 10% of 3.0 daily billable hours × 220 days × $349.

$20B+ / yr

 

SAM

Software revenue pool if every hourly-billing US lawyer paid the LexRayz blended $3,000/yr. Excludes hardware margin and non-US markets.

$1.4B ARR

 

SOM

13,500 attorneys by 2031 — ~2% of the 650K-attorney SAM — concentrated in firms of 2–100 lawyers, where utilization is lowest and buying is fastest.

$40.5M ARR

Sources: ABA National Lawyer Population Survey 2025 (1,374,720 active lawyers); Clio Legal Trends Report 2025. Hourly-billing share and leakage rate are LexRayz estimates.

LEXRAYZ

09  ·  MARKET

LEXRAYZ
09 / 20

MARKET

1.37 million US lawyers.

$20B+ / yr

TAM — billable time leaking from US private practice

$1.4B ARR

SAM — every hourly-billing US lawyer at blended $3,000/yr

$40.5M ARR

SOM — 13,500 attorneys by 2031, ~2% of the SAM

ABA National Lawyer Population Survey 2025; Clio 2025.

LEXRAYZ09 · MARKET

BUSINESS MODEL

Pricing that pays for itself.

 

LEXRAYZ ONE

$999

One payment. Frames, prescription, fitting — and a full year of software included.

Saves $3,088 in year one.

Year two onward: $299 / attorney / month.

 

LEXRAYZ GO

$499

Frames and fitting up front. Software at $299 / attorney / month.

Cancel anytime.

Month to month, per attorney.

 

LEXRAYZ ZERO

$0

Hardware free. Software at $399 / attorney / month for a year

Nothing up front.

12-month agreement, per attorney. Year two onward: $299 / attorney / month

$3,000

blended software ARPU / attorney / yr

~80%

software gross margin at scale

~$450

hardware revenue per attorney, at or near cost

<2 mo

payback on one recovered 0.3 hr / day

Hardware is sold at or near cost; the business is the per-attorney software subscription.

LEXRAYZ

10  ·  BUSINESS MODEL

LEXRAYZ
10 / 20

BUSINESS MODEL

Pricing that pays for itself.

LEXRAYZ ONE

$999

One payment. Frames, prescription, fitting and a full year of software. Saves $3,088 in year one.

LEXRAYZ GO

$499

Frames and fitting up front. Software at $299 / attorney / month, cancel anytime.

LEXRAYZ ZERO

$0

Hardware free. Software at $399 / attorney / month for a year, then $299. 12-month agreement.

$3,000 blended ARPU · ~80% software gross margin

LEXRAYZ10 · BUSINESS MODEL
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11  ·  BUSINESS MODEL

RETURN FOR THE FIRM

A few recovered

hours a month covers it.

 

Cost

$3,588

per attorney per year (GO tier software at $299 / month)

 

Recovered — conservative

$11,500

0.15 hr/day × 220 days × $349 (5% of billable time)

 

Recovered — midpoint

$23,000

0.3 hr/day × 220 days × $349 (10% of billable time)

 

Recovered — one hour a day

$76,800

1.0 hr/day × 220 days × $349

3× to 21× return before counting cleaner narratives, fewer write-downs and faster collection.

LEXRAYZ

LEXRAYZ
11 / 20

RETURN FOR THE FIRM

A few recovered hours a month covers it.

Cost

$3,588

per attorney per year, GO tier at $299 / month

Recovered — conservative

$11,500

0.15 hr/day × 220 days × $349

Recovered — midpoint

$23,000

0.3 hr/day × 220 days × $349

Recovered — one hour a day

$76,800

1.0 hr/day × 220 days × $349

3× to 21× return.

LEXRAYZ11 · BUSINESS MODEL

COMPETITION

Everyone automates the desk.

No one captures the room.

Laurel raised $100M to automate timekeeping for AmLaw 100 firms — from the desktop. Practice-management suites add timers and email scraping. LexRayz is the only product that captures billable work where lawyers physically are, and it slots on top of the billing systems these tools already feed.

Laurel (Time by Ping)

$153M raised · ~$510M valuation · desktop passive capture · enterprise firms

Clio · Smokeball · MyCase

Timers and in-system auto-time · the billing systems LexRayz syncs into

Billables AI · PointOne · TimeMiner

Email, calendar and call-log reconstruction · small and mid firms

 

 

 

 

 

Paper timesheets

Manual timers

Dictation, memory

Assistant note-taking

 

 

 

 

 

Laurel

Clio / Smokeball auto-time

Billables AI · PointOne

LEXRAYZ

 

MANUAL

AUTOMATED

SCREEN

WORLD

LEXRAYZ

12  ·  COMPETITION

LEXRAYZ
12 / 20

COMPETITION

Everyone automates the desk. No one captures the room.

Manual · World

Dictation, memory

Assistant notes

Automated · World

LEXRAYZ

Manual · Screen

Paper timesheets

Manual timers

Automated · Screen

Laurel

Clio / Smokeball

Billables AI · PointOne

The empty corner.

LEXRAYZ12 · COMPETITION

GO-TO-MARKET

Sell the pair. Land the firm.

 

01

2027

Beachhead

Litigation and transactional firms of 5–50 attorneys in one-party-consent states. Highest leakage, shortest sales cycle, partner decides.

 

02

2027–28

Distribution

Clio App Directory listing; bar-association and legal-ops channel partners; direct reservations from lexrayz.com. Every approved entry is a demo inside the firm's own billing system.

 

03

2028+

Expansion

Firm-wide rollouts, ZERO tier for $0 up-front adoption, additional billing integrations (Smokeball, PracticePanther, Aderant), then accounting and consulting firms that bill the same way.

Why a wedge works here: the attorney feels the value on day one (an entry they would have forgotten), and the managing partner sees it on the invoice at month end.

LEXRAYZ

13  ·  GO-TO-MARKET

LEXRAYZ
13 / 20

GO-TO-MARKET

Sell the pair. Land the firm.

01

Beachhead · 2027

Firms of 5–50 attorneys in one-party-consent states. Highest leakage, shortest cycle, partner decides.

02

Distribution · 2027–28

Clio App Directory, bar-association channels, direct reservations. Every approved entry is a demo.

03

Expansion · 2028+

Firm-wide rollouts, ZERO tier, more billing integrations, then accounting and consulting.

LEXRAYZ13 · GO-TO-MARKET

 

Designed. Priced.

Reservations open.

—Product, packaging and brand system complete

—Three-tier pricing live on lexrayz.com; reservation flow open

—Capture → interpretation → billing-entry flow specified end to end

—Consent, privacy and control framework drafted for all-party-consent states

—Meta Wearables Device Access Toolkit developer access in place

Q1 2027

Lex.AI capture pipeline on Ray-Ban Meta Gen 2; Clio sync

Q2 2027

10 design-partner firms, 600 attorneys in paid pilots

Q4 2027

Public launch · SOC 2 Type I · $1.8M ARR run-rate · Seed

LEXRAYZ

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WHERE WE ARE

NEXT 18 MONTHS — FUNDED BY THIS ROUND

14  ·  TRACTION & ROADMAP

LEXRAYZ
14 / 20

WHERE WE ARE

Designed. Priced. Reservations open.

  • Product, packaging and brand system complete
  • Three-tier pricing live on lexrayz.com
  • Capture → interpretation → billing flow specified end to end
  • Consent and privacy framework drafted
  • Meta Wearables Device Access Toolkit access in place

Q1 2027

Capture pipeline

Q2 2027

600 attorneys

Q4 2027

$1.8M ARR
LEXRAYZ14 · TRACTION & ROADMAP

PROJECTIONS

Five years to $34M revenue.

Revenue by year, $M081624324020273.120287.5202916.6203031.62.72031SoftwareHardware

 

2027

2028

2029

2030

2031

Attorneys (year end)

600

1,500

3,500

7,500

13,500

Firms

50

120

250

500

900

Software ARR, $M

1.8

4.5

10.5

22.5

40.5

Total revenue, $M

1.3

3.5

8.4

18.4

34.3

Gross margin

63%

71%

71%

72%

74%

Net burn / EBITDA, $M

0.1

0.4

1.5

5.0

11.0

Headcount

4

8

16

28

45

Assumptions: blended software ARPU $250/attorney/month ($3,000/yr); hardware revenue $450 per new attorney at or near cost; software COGS 20%; lean headcount of 4 to 45 FTE; no follow-on equity round required. Source: LEXRAYZ 2027–2031 Investor Model, OSR8 Option 6.

LEXRAYZ

15  ·  FINANCIALS

LEXRAYZ
15 / 20

PROJECTIONS

Five years to $34M revenue.

20272028202920302031
Attorneys6001,5003,5007,50013,500
Firms50120250500900
Software ARR, $M1.84.510.522.540.5
Total revenue, $M1.33.58.418.434.3
Gross margin63%71%71%72%74%
EBITDA, $M0.10.41.55.011.0
Headcount48162845

Profitable from 2027. By 2031: $40.5M ARR run-rate · 74% gross margin · 45 people

LEXRAYZ15 · FINANCIALS

THE ASK

Raising $2.0M pre-seed.

Post-money SAFE  ·  30% equity  ·  $6.67M post-money  ·  18 months of runway

Working capital & contingency

 

 

$990K

Opening operating liquidity of $750K plus the $240K contingency reserve in the pre-opening capital plan

Product & engineering

 

 

$350K

MVP, matter mapping and billing integrations ($300K) plus core software, developer tools and data licences ($50K)

Hardware & pilots

 

 

$275K

Smart-glasses prototypes, fitting and initial pilot units ($150K); launch marketing and design-partner pilots ($100K); equipment ($25K)

Trust & compliance

 

 

$200K

SOC 2 readiness, security architecture, privilege and consent work ($125K); IP, corporate and investor legal ($75K)

Team & pre-opening payroll

 

 

$185K

Three months of the lean 2027 launch team before Month 1 ($160K) and initial insurance cover ($25K)

WHAT THIS ROUND PROVES

Live capture on shipping Ray-Ban Meta hardware  ·  600 attorneys paying across 50 firms  ·  $1.8M ARR run-rate  ·  measured recovered-hours per attorney  ·  profitable in year one.

LEXRAYZ

16  ·  THE ASK

LEXRAYZ
16 / 20

THE ASK

Raising $2.0M pre-seed.

Post-money SAFE · 30% equity · $6.67M post-money · 18 months

Working capital & contingency

$990K

$750K opening liquidity plus the $240K contingency reserve

Product & engineering

$350K

MVP, matter mapping and billing integrations; tools and data

Hardware & pilots

$275K

Prototypes, fitting and pilot units; launch marketing

Trust & compliance

$200K

SOC 2 readiness, privilege and consent work, corporate legal

Team & pre-opening payroll

$185K

Three months of the launch team before Month 1; insurance

Proves: live capture on shipping hardware · 600 attorneys across 50 firms · $1.8M ARR run-rate · profitable in year one

LEXRAYZ16 · THE ASK

EQUITY & RETURNS

What the round buys.

$2.0M for 30% of the company.

 

RAISE

$1.25M funds the pre-opening build; $750K is opening working capital. The model reaches profitability in 2027 and requires no follow-on equity round.

$2.0M

 

EQUITY

Post-money ownership for this round. Founders, the team option pool and any future Seed hold the balance.

30%

 

VALUATION

$2.0M ÷ 30%, implying a $4.67M pre-money valuation. This replaces the $12M cap carried in earlier drafts.

$6.67M

Ownership shown before any option-pool expansion. Source: LEXRAYZ 2027–2031 Investor Model, OSR8 Option 6.

LEXRAYZ

17  ·  EQUITY

LEXRAYZ
17 / 20

EQUITY & RETURNS

What the round buys.

$2.0M for 30% of the company.

Raise

$2.0M

$1.25M funds the pre-opening build; $750K is opening working capital. No follow-on equity round required.

Equity

30%

Post-money ownership for this round. Founders, the option pool and any future Seed hold the balance.

Valuation

$6.67M

$2.0M ÷ 30%, a $4.67M pre-money on a model that is profitable in year one.

Ownership shown before any option-pool expansion. Source: LEXRAYZ 2027–2031 Investor Model, OSR8 Option 6.

LEXRAYZ17 · EQUITY

EXIT

2031 revenue of $34.3M.

A 30% stake worth $41M to $82M.

 

4× REVENUE

Conservative vertical-SaaS multiple. A 30% stake is worth $41M — 21× on $2.0M invested.

$137M

 

6× REVENUE

Median for profitable vertical SaaS at scale. A 30% stake is worth $62M — 31× invested.

$206M

 

8× REVENUE

Strategic premium from a legal-tech or wearables acquirer. A 30% stake is worth $82M — 41× invested.

$274M

Applied to 2031 total revenue of $34.29M (ARR run-rate $40.5M, EBITDA $11.0M). Likely acquirers: Clio, Thomson Reuters, LexisNexis, Meta. Multiples are illustrative market ranges, not a forecast.

LEXRAYZ

18  ·  EXIT

LEXRAYZ
18 / 20

EXIT

2031 revenue of $34.3M.

A 30% stake worth $41M to $82M.

4× revenue

$137M

Conservative vertical-SaaS multiple · 30% = $41M · 21× on $2.0M invested

6× revenue

$206M

Median for profitable vertical SaaS at scale · 30% = $62M · 31× invested

8× revenue

$274M

Strategic premium, legal-tech or wearables acquirer · 30% = $82M · 41× invested

Applied to 2031 revenue of $34.29M (ARR run-rate $40.5M, EBITDA $11.0M). Likely acquirers: Clio, Thomson Reuters, LexisNexis, Meta. Multiples are illustrative ranges, not a forecast.

LEXRAYZ18 · EXIT

TEAM

Built by people who sell to lawyers,

for lawyers who bill by the hour.

 

Sean Chaudhuri

FOUNDER & CEO

Agency founder with a background in brand, product and go-to-market. Designed the LexRayz product, packaging and pricing; owns customer and channel relationships.

HIRING WITH THIS ROUND

 

Founding ML engineer

Document recognition, speech-to-matter mapping, narrative generation

 

Founding mobile engineer

iOS/Android, Meta Wearables Device Access Toolkit, on-device encryption

 

Head of legal & compliance

Former practicing attorney; consent, privilege, SOC 2, engagement-letter language

Advisors: practicing litigators and a legal-ops leader are being formalized alongside the round.

LEXRAYZ

19  ·  TEAM

LEXRAYZ
19 / 20

TEAM

Built by people who sell to lawyers.

Sean Chaudhuri

FOUNDER & CEO

Agency founder with a background in brand, product and go-to-market. Designed the LexRayz product, packaging and pricing.

HIRING WITH THIS ROUND

Founding ML engineer

Document recognition, speech-to-matter mapping

Founding mobile engineer

iOS/Android, Meta DAT, on-device encryption

Head of legal & compliance

Consent, privilege, SOC 2

LEXRAYZ19 · TEAM
Picture 13

 

lexrayz.com  ·  Pre-Orders open now

PRE-SEED  ·  $2.0M  ·  SEPTEMBER 2026

Never miss a billable hour again.

Smart reading glasses for the Practice of Law.

 

LEXRAYZ

LEXRAYZ

Never miss a billable hour again.

Smart reading glasses for the Practice of Law.

lexrayz.com · PRE-SEED · $2.0M