AI legal tech startup Ivo raises $55 million in Series B for contract intelligence tools
Ivo, an AI legal tech startup, secured $55 million in Series B funding to expand its contract intelligence platform.Summary
AI legal tech startup Ivo announced a $55 million Series B funding round led by Blackbird, with participation from several other venture capital firms. The company provides an AI-powered platform for in-house legal and contracting teams, designed to streamline contract review and data analysis. Ivo’s tools aim to reduce manual tagging and accelerate information extraction from large contract libraries. The company has experienced significant growth, with a sixfold increase in revenue and a 134% rise in customers since its previous funding round, alongside a 250% increase in adoption within Fortune 500 companies. Key customers include Uber, Shopify, and Atlassian. Ivo’s platform, comprised of Ivo Review and its contract intelligence product, reportedly saves customers up to 75% of the time spent on manual contract review. The new funding will be used for product development, client deployment, and scaling customer acquisition, with a long-term vision of leveraging contracts as a source of business intelligence.
(Source：Korea It Times)
