AI for contract management

2020. ThoughtRiver nabs $10M to speed up deal-making with AI contract review



ThoughtRiver, a legaltech startup based in London, has recently announced a successful Series A funding round, raising $10 million. The company utilizes AI technology to expedite the pre-screening process for contracts. While several other startups such as Kira Systems, LawGeex, and Luminance operate in this space, ThoughtRiver sets itself apart by focusing primarily on pre-signature contracts. Its objective is to streamline the process of securing a deal, differentiating itself from other contract review companies that primarily extract data from existing contracts. ThoughtRiver's unique approach has garnered significant interest not only from legal teams but also from sales teams, highlighting its versatility and broad appeal.


2020. DocuSign acquires Seal Software for $188M to enhance its AI chops



Contract management service DocuSign has announced its acquisition of Seal Software for $188 million. Established in 2010, Seal Software may not be widely recognized, but its clientele includes prominent companies such as PayPal, Dell, Nokia, and even DocuSign itself. These organizations utilize Seal's contract management tools, as well as its analytics, discovery, and data extraction services. It is specifically Seal's AI capabilities, developed over time to assist businesses in contract analysis, that motivated DocuSign to pursue the acquisition. This move aims to significantly streamline processes such as legal reviews, enabling substantial time savings for DocuSign and its customers.

2019. AI contract management startup Icertis raised $115M


Icertis, the startup specializing in cloud-based software for contract management, has successfully secured $115 million in funding, propelling its valuation to over a billion dollars and solidifying its status as the latest Software as a Service (SaaS) unicorn. With Icertis, users can effectively oversee a wide range of contracts, including procurement, sales, and corporate agreements, as well as non-disclosure agreements. Alongside contract creation, Icertis' software actively monitors compliance with terms, ensures adherence to regulatory requirements, and automates administrative tasks such as sending renewal reminders. Currently generating approximately $100 million in revenue, Icertis aims to expand further in this critical domain.


2019. ContractPodAi scored $55M for its AI-powered contract management software


ContractPodAi, a startup based in London, has revealed that it has secured $55 million in Series B funding for its AI-powered contract lifecycle management software. The company provides a comprehensive solution covering the key areas of contract management, including contract generation, contract repository, and third-party review. Leveraging IBM's Watson AI technology, ContractPodAi aims to streamline the contract management process and alleviate the workload on in-house legal teams within corporations. Notable customers of ContractPodAi include Bosch Siemens, Braskem, EDF Energy, Total Petroleum, Benjamin Moore, and Freeview.


2019. Lexion raised $4.2M to implement AI for contract management



Lexion, a startup specializing in contract management, has successfully raised $4.2 million in seed funding. Incubated at the Allen Institute for Artificial Intelligence (AI2), Lexion benefits from the institute's expertise in applied machine learning solutions. Contract management is a critical challenge for companies of all sizes, and the need for visibility into contracts has grown significantly due to escalating regulatory and compliance requirements. Lexion focuses on the mid-market segment, recognizing the opportunity to provide a solution that bridges the gap between expensive enterprise software (like Salesforce in the CRM space) and the array of products available in the mid-market. With the newly secured funding, Lexion aims to further develop its product, particularly its AI engine, and strengthen its go-to-market and sales strategies.