Steno, a nationwide provider of tech-enabled court reporting and litigation support, has raised $49M in Series C funding. The company offers certified reporters, remote deposition platforms like Steno Connect, AI-powered Transcript Genius for analysis, deferred payments via DelayPay, and a firm dashboard. The capital will accelerate AI development, expand to more AmLaw 200 firms, and enter new markets.
AI Arms Race Grips Court Reporting
The raise aligns with intensifying competition in legal tech. Veritext launched AI transcript tools in February 2026, while Lexitas pursued acquisitions like DepoLink in January 2026. Broader legal AI saw Harvey AI secure $200M at $11B valuation in March 2026. Steno's focus on litigation-specific AI and financing differentiates it amid these moves.
Reporter Shortage Fuels Tech Shift
The U.S. faces a chronic court reporter shortage, with only about 17,700 reporters as retirements outpace new supply. This drives demand for digital alternatives and AI in depositions. Traditional services struggle with reliability and speed for nationwide litigation.
Transcript Genius Transforms Review
Steno's Transcript Genius AI enables search, summaries, contradiction detection, and cross-deposition analysis across thousands of pages. Recent updates added text-to-video sync playback without downloads. Unlike generic tools, it grounds insights in real litigation workflows with human oversight.
As Dan Anderson, Co-Founder and CTO, leads development:
"Deposition review just got a whole lot smoother."
DelayPay offers non-recourse deferred payments, easing cash flow for contingency firms.
Incumbents Chase Steno's Tech Lead
Competitors like Veritext emphasize national networks but lag in proprietary AI depth. Lexitas grows via M&A for operational scale, yet lacks Steno's payment innovation. Steno's in-house tech and concierge support address tech failures in remote depositions.
Serial Founder Scales Legal Tech
Co-Founder and CEO Greg Hong previously built and sold restaurant tech startup Reserve to Resy/American Express after raising $45M. Co-Founder Dylan Ruga brings 15+ years as a trial attorney, informing products like DelayPay. CTO Dan Anderson drives AI innovation, earning multiple entrepreneurship awards.
Court Reporting Market Expands Steadily
The U.S. court reporting services market stands at $533.6M in 2024, projected to reach $789.1M by 2032 at 5.2% CAGR. Remote depositions surged post-COVID, boosting AI adoption. Steno's nationwide expansion from California targets this growth amid rising litigation volumes.
AmLaw Expansion Accelerates Post-Funding
Steno plans sales team growth with recent hires like eight in February 2026, aiming for deeper AmLaw 200 penetration. Team hit 500 employees, supporting AI R&D and market entry. Customer wins include aiding California's largest 2023 elder abuse verdict via DelayPay on 22 depositions.