[Funding alert] Legal tech startup ContractPodAi raises $55 million in largest Series B led by Insight Partners
London-based ContractPodAi, provider of AI-powered contract lifecycle management software, has raised the largest Series B funding for any CLM provider globally. It secured a $55 million Series B investment led by US-based Insight Partners with participation of the Series A backer, Eagle Proprietary Investments. ContractPodAi already partners with IBM Watson.
Sarvarth Misra, Co-founder and CEO of ContractPodAi, said,
“This is a truly exciting time for the legal technology sector - we are on the cusp of the legal sector's very own industrial revolution. We are hugely passionate about building platforms that help lawyers do their jobs more effectively and allow them to focus on what they love doing. Our solution is customer-focused and our team has both the legal and tech experience needed to disrupt the legal world and unlock added value.”
The funds will be deployed towards business expansion, and to build its global technology R&D centre out of Mumbai. The centre’s focus will be on building best in class technology innovations in the legal technology sector, especially on leveraging AI technology.
Founded in 2012, ContractPodAi's supports research, software development, system maintenance and contract migration services, managed by lawyers. Growing their stack significantly, the Mumbai operations plans to add up to 100 additional professionals to the team, by 2019-end.
The company is a leading end-to-end solution for all three aspects of contract management: contract generation, contract repository, and third-party review. Its technology uses AI to streamline all areas of the contract management process, massively reducing the burden on corporate in-house legal.
Most recently, the startup’s product’s unique merits placed the company on Gartner's 2019 “Cool Vendor” list.
"Today, India is witnessing a boom in AI. Educational institutions are promoting bachelor degrees in Artificial Intelligence and the government is using leading technologies to create a digital map for its future. Indeed, it is an exciting time to be a part of this revolution," says Sarvarth.
Josh Fredberg, formerly of SAP Ariba, and Paul Szurek, Vice President at Insight Partners, will join the board of ContractPodAi.
The startup serves customers across every continent, with offices in London, New York, San Francisco, Glasgow, and Mumbai.
(Edited by Suruchi Kapur Gomes)