During the first quarter of 2019, the venture capital firm SoftBank Ventures announced that it had invested in the ContractPodai Series fund for 170m dollars. According to the company, this funding will help develop its AI-powered contract lifecycle management software laws4life. The investment is expected to help it achieve significant growth in North America, Europe, and Asia.
AI-powered contract lifecycle management softwar
Using AI-powered contract lifecycle management software can help your organization reduce risk and save time. This type of software helps you improve centralized risk mitigation, streamline data protection measures, and identify proactive opportunities.
Contract management is a time-consuming process, which involves many stakeholders. Manual contract lifecycle management leads to decreased visibility and increased risk. Contract lifecycle management software enables you to streamline this process by transforming static contract documents into dynamic building blocks. This software helps you streamline key contract lifecycle management functions including drafting, risk analysis, and approving contracts lawyerdesk.
Using artificial intelligence in contract management helps you identify contract risks with increased accuracy and speed. Artificial intelligence also improves relationships with your customers and suppliers. This helps you reduce costs and improve key performance indicators. Contract lifecycle management software also enables you to automate low-level contract tasks.
AI-powered contract lifecycle management software provides visual representations of key contract insights. These insights enable authorities to understand what to expect from their contractors and plan procurement processes. This helps to ensure contracts are compliant with industrial regulations.
Contract management software offers vendor performance metrics to identify areas for improvement. Contract management software also provides contract status updates. Using AI-powered contract lifecycle management technology, you can eliminate repetitive tasks and streamline risk prevention lawyersmagazine.
Legal-tech investment by SoftBank
Earlier this month, SoftBank announced its first legal-tech investment. The company invested in MarqVision, an IP protection company. The investment comes after the company graduated from Y Combinator, a startup accelerator. MarqVision has a product that protects global content in the animation industry. It also has anti-piracy software and expects to raise another round of funding in 2022.
ContractPodAi is a contract lifecycle management platform that uses artificial intelligence. Its technology helps in-house counsel with various tasks, including corporate governance and data protection compliance. Its platform is modularized and configurable, offering one-platform approach. Currently, the company is expanding its international presence. The company has raised $115 million in funding from SoftBank Vision Fund 2 and two other arms of SoftBank. The firm declined to disclose the valuation numbers, but said that it would use the funds to expand its tech capabilities.
The company’s technology can also help in-house counsel with corporate governance, litigation management and intellectual property management. The firm launched its new platform this year, and has expanded its product offerings. Its no-code platform can handle any legal document, and is configured with pre-built applications publiclawtoday.
The firm has also raised a $5 million seed round. Two arms of SoftBank took part in the round, including Bass Investment and SoftBank Ventures.
Platformization strategy
Founded in 2012, ContractPodAi, A.K.A., is a relatively young company with offices in San Francisco, New York, London, and Mumbai. In addition to the traditional suites of legal counsel, the company boasts an impressive client list of large global corporations from across industries. A few months ago, the company announced a major milestone, namely the launch of its first contract management application on the Salesforce platform.
Conclusion
With this newfound bandwidth, the company will be able to serve its growing clientele with greater efficiency. The company also has a newfound zeal to expand its global footprint. It has already secured business from such titans as Oracle, Ariba, and LegalZoom. With these newfound resources at their disposal, ContractPodAi will be able to meet the rising demand for a smart contract management platform bestlawyers360.
