**London**: Ivo has raised $16 million in Series A funding to enhance its AI-driven contract review platform, aimed at improving efficiency for legal teams. The investment will enable major legal enhancements and ongoing innovations to streamline contract management processes for corporate legal departments.
Contract negotiation continues to be a significant hurdle in the contract lifecycle, with in-house legal teams increasingly burdened by the demands of reviewing rising volumes of agreements. Traditional automation tools have not adequately addressed the need for both speed and accuracy in this process, leading to frustrations among lawyers who must ensure meticulous attention to detail.
In response to these challenges, Ivo has recently secured $16 million in Series A funding to enhance its AI-driven contract review platform, which has already been adopted by over 150 corporate legal teams, including major names such as Canva and Weightwatchers. The funding, led by Costanoa Ventures alongside other investors, boosts Ivo’s total investment to $22.2 million. This influx of capital is aimed at scaling their innovative approach to legal review, which promises a balance of efficiency and dependability.
Ivo’s technology distinguishes itself by automatically verifying contracts against specific company criteria. It also generates customised suggestions for rectifying discrepancies while maintaining legal terminology that mimics the work of experienced attorneys. “When I was a corporate lawyer, contract review was amongst the most manual and time-consuming tasks,” commented Min-Kyu Jung, CEO and Co-founder of Ivo. This prompted Jung to transition from his legal career to developing a solution that addresses the inherent inefficiencies in contract management.
Legal teams using Ivo’s platform have reported remarkable time savings. For instance, Quora’s Legal Operations Lead, Adrie Christiansen, noted that the average time to approve non-disclosure agreements (NDAs) was reduced from four days to just two. Similarly, Geotab’s legal team achieved an impressive 75% efficiency increase, saving 45 minutes on each contract review. These enhancements allow legal professionals to dedicate more time to strategic responsibilities rather than manual reviews.
Ivo’s launch of the Ivo Search Agent coincides with their commitment to transforming legal work further. This new tool facilitates contract searching without the previously necessary manual metadata tagging, a common obstacle in traditional systems. Legal teams can now effortlessly search their entire contract inventory, even across multiple storage solutions, enabling them to generate holistic reports with minimal effort.
“Ivo is fundamentally transforming contract review for lawyers and legal teams,” said Amy Cheetham, Partner at Costanoa Ventures, highlighting the significance of Ivo’s innovations in improving efficiency and accuracy in legal processes. The ongoing advancements in artificial intelligence are seen as a catalyst for change in the legal profession, allowing teams to manage larger volumes of contracts while ensuring precision.
As the artificial intelligence landscape continues to evolve, Ivo aims to enhance rather than replace essential legal judgement in contract management. The vision is to empower legal teams to navigate the complexities of enterprise-scale contract workloads, all while adhering to the highest standards of accuracy and control. This technological progression presents a promising future for the relationship between generative AI and supplier relationship management, particularly in harnessing unstructured supplier data for improved insights and relationships.
Source: Noah Wire Services
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