ContractPodAi raises $115mn in funding round led by SoftBank
Award-winning provider of the artificial intelligence (AI) powered contract lifecycle management (CLM) led ‘One Legal Platform’, ContractPodAi will use the funding to accelerate its platform capabilities and expand its market presence internationally.
This latest round of funding saw ContractPodAi's valuation increase 5x from its previous Series B round in 2019.
To further support the company, Ayush Jain of SoftBank Investment Advisers will join ContractPodAi’s board. This funding round also marks Vision Fund 2's first investment in legal technology, one of the fastest-growing SaaS categories.
"Despite the inexorable digitisation of the workplace, legal processes have largely resisted disruption," said Ayush Jain, investor for SoftBank Investment Advisers.
"ContractPodAi's technology aims to empower in-house legal professionals to radically improve business performance such as driving faster revenue recognition, increase compliance adherence and optimise operational workflows. We believe the company's modularised, one platform approach extends way beyond existing Contract Lifecycle Management to capture a vast array of legal use cases across multiple jurisdictions," he said.
Harnessing the AI power of IBM Watson and Microsoft Azure
As a leader in end-to-end contract lifecycle management, ContractPodAi harnesses the AI power of IBM Watson and Microsoft Azure for leading corporations around the world.
ContractPodAi’s platform is robust, intuitive, and easy to use. It can handle the entire, end-to-end legal lifecycle for any use-case, any document type and in any scenario.
"We are just scratching the surface of what we can do," said Sarvarth Misra, Co-Founder and CEO of ContractPodAi.
"The market is asking for a legal platform, a technology infrastructure that supports in-house legal teams like CRM does for sales teams or fintech for finance. With the backing of Insight Partners, Eagle Proprietary Investments, and now SoftBank Vision Fund 2, we are ready to win the market by driving digital transformation for our customers with our One Legal Platform approach."
ContractPodAi’s no-risk digital transformation delivery model
Not only does ContractPodAi provide its customers with its end-to-end CLM solution, but it also can support teams with its no-code platform.
This no-code platform can manage any legal scenario, process, or document using the platform's pre-built and configurable applications such as claims, RFP review, and IP portfolio management.
On top of these benefits, the platform also offers simple, guided forms and templates to create a legal application from scratch in minutes. In doing so, it provides a fast, easy and intuitive way to scale highly tailored solutions for in-house teams' everyday legal needs.
By leveraging an embedded toolkit of AI functionality, both pre-built and configurable applications have the ability to review documents, cognitively search and use advanced analytics for each use case.
Pre-built applications contain tailored AI data models tuned to the objective of each module.
With its dedication to helping in-house councils address any legal task they need to deliver, ContractPodAi’s platform offers a no-risk digital transformation delivery model to maximise a legal team's technology investment.
