AI legal tech startup Ivo has announced Tuesday a $55 million Series B funding round, led by existing investor Blackbird. Other investors include Costanoa Ventures, Uncork Capital, Fika Ventures, GD1 and Icehouse Ventures.
Ivo states it aims to transform contracts — which it says are a “critical, yet cumbersome aspect of business operations” — into strategic assets, enhancing efficiency for in-house legal teams. It claims that the AI platform allows for quicker contract reviews, saving up to 75% of the time typically required for manual processes.
The startup claims the funding round comes after a hockey-stick growth year with revenues up six times for their AI-powered contract intelligence platform. Customers include IBM, Uber, Canva, Shopify, Pinterest, Quora, BILL.com and Reddit among others. The new capital would be used to support product development and scaling, Ivo said.
“Our goal has always been to make interacting with contracts fast, accurate, and enjoyable,” said Min-Kyu Jung, CEO and Co-founder of Ivo. “Every key relationship in a business is defined by an agreement, yet most organizations struggle to extract the insights inside them. Our focus is to give in-house teams a trustworthy solution that helps them work faster and gives them visibility into their contracts that was previously impossible.”
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Kate Gardner, Senior Manager, Contract Operations at Uber said that Uber selected Ivo because, “it was intuitive to use, demonstrated a high level of accuracy, could work in multiple languages, and met its confidentiality requirements.” “Furthermore, the Ivo team was highly responsive to Uber’s needs,” Gardner said.
Ivo says it is purpose-built for in-house teams that need both reviews with surgical accuracy as well as visibility into their complete contract library. The company’s AI-powered contract review solution, Ivo Review, allows users to complete reviews in a fraction of the time. The product standardizes a company’s positions and precedents using playbooks built and implemented by lawyers. This means that every contract is reviewed accurately, consistently, and efficiently, critical for large and globally distributed teams.
“In-house legal teams demand products that are deeply accurate and aligned to how they work. The most sophisticated teams are incredibly selective about the tools they trust,” said James Palmer, Principal at Blackbird. “Ivo’s traction with some of the world’s best companies shows it consistently exceeds that bar. With exceptional product execution and an uncompromising quality bar, we believe Ivo is defining and leading the category.”