Melbourne artificial intelligence firm Affinda Group has doubled its valuation in 18 months after closing a funding round raised on a pre-money valuation of $120 million. The 12-year-old company, run by brothers Ben and Tim Toner, has racked up major law firms and ASX-listed companies as clients for its document comparison software and document processing platform.

Affinda had been self-funded until it raised $12.9 million at a pre-money valuation of $60 million in 2022, and has now raised $10 million more from its investors. Among them is the family office of Toll Group founder Paul Little; Ellerston Capital co-founder Ashok Jacob; former MYOB and REA Group CEO Greg Ellis; fund manager Craig Bingham; and Armitage Associates managing director Mark De Ambrosis.