New Zealand legal AI startup Ivo raises $81 million in Series B funding
Ivo, a New Zealand-based legal AI startup, secured $81 million in Series B funding to enhance its contract management platform.Summary
New Zealand legal AI startup Ivo has raised $81 million in Series B funding led by Blackbird, valuing the company at $530 million. Founded by Min-Kyu Jung and Jacob Duligall, Ivo addresses the inefficiencies Jung experienced as a corporate lawyer, specifically the repetitive nature of contract review. The platform integrates with Microsoft Word, providing real-time risk assessment and suggested redlines during contract drafting and negotiation. Ivo’s growth is attributed to its focus on reliability and supporting, rather than replacing, legal judgment, resulting in a sixfold increase in annual recurring revenue. The company serves both Fortune 500 enterprises and rapidly growing tech companies. Ivo plans to use the funding to expand its platform, enhance enterprise capabilities, and accelerate international growth with new offices in London and New York, emphasizing its commitment to responsible AI application in the legal field.
(Source：Smartcompany)
