Clause Announces $5.5 Million Series A Round
Galaxy Digital and DocuSign have joined to back a $5.5 million Series A round in smart contract cloud firm “Clause.”
Existing investors BN Capital at Lerer Hippeau, and Seedcamp participated.
Several new investors participated including Raptor Group, Galaxy Digital’s EOS VC Fund backed by Block.one, Nat Turner, and Zach Weinberg (co-founders of Flatiron Health), Tom Gonser (founder of DocuSign), and Jonathan Summers (co-founder of Everett Capital Advisors).
Clause states that as part of the round, two new executives will join the Clause board of directors including: Mike Dinsdale, CFO of Gusto, and Greg Wasserman, Co-Head of Principal Investments at Galaxy Digital.
Clause is a provider of cloud-based smart contract technology, which enables users to add smart clauses to documents to automate business processes, workflows, and digital transactions. These “smart clauses” are designed to automate processes, including legal contracts, and become part of a company’ IT infrastructure.
Peter Hunn, founder and CEO of Clause explained that documents no longer need to be merely static records of agreement but can now be an integrated part of enterprise technology stacks.
“Contracts and other documents can now be APIs. With this round we add a wealth of collective experience in disrupting enterprise contracts through digitization. We are excited to drive the next phase of market adoption.”
Greg Wasserman of Galaxy Digital said that major enterprises sign millions of documents per year across many different business units. He explained that traditionally it is extremely difficult to manage all of the terms and various documents.
“Connecting contracts with data to automate actions and alerts is an obvious next phase in the evolution of document digitization. I’m convinced that smart clauses will become a default standard for document management in the future and am excited to partner with Clause.”
DocuSign’s strategic investment in Clause was said to reflect the impact that smart clauses can have on simplifying and accelerating the overall agreement process.
“The technology being pioneered by Clause is one of the fundamental drivers here, and we’re looking forward to partnering with them for the future,” said DocuSign COO Scott Olrich.