During the week, SoftBank Vision Fund 2 has invested in ContractPodAi, a Silicon Valley company that aims to provide artificial intelligence to lawyers and legal professionals. According to the company, the funding will allow them to further develop their technology and expand into new markets. The company’s valuation has grown five times since its previous Series B round.
SoftBank Vision Fund 2 invests in ContractPodAi
During the second quarter of 2019, SoftBank Vision Fund 2 invested in ContractPodAi, an artificial intelligence (AI)-powered contract lifecycle management (CLM) startup. According to the company, its latest investment round will help the company to expand its international presence and accelerate its tech capabilities hertube.
SoftBank Vision Fund 2 was the lead investor in ContractPodAi’s growth round. Insight Partners and Eagle Proprietary Investments participated in the round. This investment comes after ContractPodAi previously raised $55 million in a Series B round in July.
ContractPodAi is the first legal technology company to receive funding from the Vision Fund. The company’s legal transformation team helps in-house counsel with compliance and corporate governance. With its technology, companies can improve workflows and revenue. The company’s platform includes guided forms, templates, and pre-built applications. It also includes an embedded artificial intelligence (AI) contract analyst called E:V(r). E:V(r) is designed to analyze key contract information and can also set alerts and reminders. It also includes a streamlined interface that is easy to use.
The company’s valuation grew five times from its previous Series B round
During the second quarter of 2022, Jeeves, the all-in-one corporate card management and expense management platform for startups, threw the aforementioned ol’ harry into the startup ecosystem’s ringer. The company also threw in a bit of debt to boot, in the form of an equity round that totaled $180 million.
In the grand scheme of things, the company’s valuation has grown fivefold since its Series B round of VC cash. The company, which has a handful of employees and two office locations in San Francisco and San Diego, also took the time to test its prototype on a few customers. The company is reportedly using its newfound capital to scale its infrastructure to serve more currencies, and expand into Southeast Asia and Latin America. The company has also started hiring more engineers and designers to build out its product and marketing departments. The aforementioned round came on the heels of Jeeves’ participation in Y Combinator’s summer of 2020 f95forum.com.
The company will use the funds to grow its tech capabilities and expand into new markets
During its latest round of funding, ContractPodAi Technologies received a $115 million investment from SoftBank’s Vision Fund 2 (VFT2). This is the first time that the Japanese technology giant has invested in a legal technology company, which is a major development in the long-running legal tech trend.
ContractPodAi aims to streamline the contract lifecycle management process by using artificial intelligence and other off-the-shelf technology. The company offers guided forms, a no-code platform, and analytics. The technology could help in-house legal teams tackle a number of legal processes, including claims management, data protection compliance, and intellectual property management. Founded in 2012, ContractPodAi has offices in New York, Glasgow, and Toronto. It integrates with IBM, DocuSign, and Microsoft f95zone.blog.
The company also has an impressive number of employees: over 200. The company has had record-setting sales quarters this year. It has been named the Legal Company of the Year in the 2021 International Business Awards, and has been named Visionary in the Gartner Magic Quadrant for Contract Lifecycle Management. It has also received the AI Breakthrough Award, and been named a finalist for the Edison Award f95zoneusa.org.