Ivo AI raises $55M to scale contract intelligence for legal teams - SiliconANGLE

Ivo AI, a legal artificial intelligence startup, has raised $55 million in a Series B funding round led by Blackbird, valuing the company at $355 million. This investment will be used to accelerate platform development and expand its team. Ivo AI’s software automates contract reviews and provides contract intelligence, helping legal teams analyze agreements, understand risk profiles, and identify deviations from standard terms. The company serves a diverse customer base including Uber, Reddit, and IBM, and has seen increasing demand for its tools with more complex agreements.

Ivo AI differentiates itself by breaking down contract reviews into over 400 specialized tasks performed by AI agents, aiming to avoid errors common in generative AI chatbots. This detailed methodology is crucial for earning the trust of discerning legal professionals. The company has experienced significant growth, with annual recurring revenue increasing more than fivefold since its last funding round.

Founded in New Zealand and now headquartered in San Francisco, Ivo AI plans to triple its 60-person team by the end of the year. The funding comes amidst growing investor interest in the AI legal technology segment, as seen with Harvey AI’s recent $160 million raise, though Ivo AI’s valuation remains lower.

(Source：Siliconangle)