ContractPodAI Secures $115 Million Series C Funding From SoftBank’s Vision Fund
Investing in technology through the Vision Fund is one of the best ways to ensure that your company has access to cutting-edge innovations in the market. However, there are several important things to consider before making this type of investment.
SoftBank invests in legal tech startup
During the first quarter of the year, SoftBank invested in two legal tech startups. Both companies are in the field of IP protection. These companies use artificial intelligence to screen contracts for loopholes and potential legal risks.
MarqVision is an IP protection startup that was founded by Harvard Law graduates. The company is backed by Y Combinator and Bass Investment. It recently launched anti-piracy software. The company is seeking additional funding to expand its Asian infrastructure and enforce its intellectual property rights. It expects to hold another round in 2022.
ContractPodAi Technologies has raised $115 million in a Series C round led by SoftBank Vision Fund 2. The startup has built a platform that uses artificial intelligence to help contract lifecycle management. It plans to use the investment to expand into key markets, including the Asia-Pacific. It also plans to apply the funds to grow its tech capabilities.
SoftBank Ventures has also invested in the legal tech startup. In a press release, SoftBank said it would be joining the company’s board and has access to the company’s AI tools. This is the first time SoftBank has invested in a legal tech company.
Platformization strategy could see use cases for technology
Having recently secured $115 million in funding, London-based ContractPodAI, a provider of an artificial intelligence-powered contract lifecycle management (CLM) platform, is proving that the legal technology sector is one of the fastest growing subsectors in the SaaS industry. The company will use the funding to accelerate its platform and expand its international presence.
The company has offices in Toronto, London, New York, Glasgow and Sydney. Its product features include a “visual dashboard” that highlights potential risks and compliance issues. It also includes a built-in compliance program to speed negotiations. ContractPodAI also integrates with DocuSign and IBM. The company’s AI-powered platform also allows users to manage an intellectual property portfolio. It has been named a Visionary in the 2021 Gartner Magic Quadrant.
The company has also recently appointed Anna Burke as Chief Marketing Officer. Burke has over two decades of B2B marketing experience. She is tasked with driving ContractPodAI’s global recognition. She has also worked at HighGround and SAP Fieldglass.
Record-breaking sales quarters
Earlier this year, ContractPodAi received a $115 million Series C funding round from SoftBank’s Vision Fund 2. Although the company hasn’t officially revealed the valuation of its latest round, the company has snagged the award for the largest funding round to date.
Founded in 2012, ContractPodAi uses AI and other off-the-shelf technologies to streamline the contract management process. The company’s One Legal Platform consists of a contract repository, contract generation, guided forms, and third-party review. Its customers include Bosch Siemens, Microsoft, and IBM. It has also completed multiple global enterprise-wide rollouts for Fortune 500 clients. ContractPodAi has also been named Legal Company of the Year in the 2021 International Business Awards.
The company is also known for its AI-powered One Legal Platform, which is said to cover the entire contract lifecycle. The company has also been named in the Gartner Magic Quadrant for the most effective use of AI. The company has a robust, 200-person staff. It also offers guided forms, templates, and analytics. Its latest products are expected to be announced later this year.