Legaltech Ivo has raised $55 million in Series B funding led by existing investor Blackbird, with participation from existing and new investors Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehouse Ventures. Ivo aims to upend the contracting and legal agreement sector by automating certain processes and making legal teams more efficient.
Founded in New Zealand and headquartered in San Francisco, Ivo reports an increase in annual recurring revenue of 500% with customers increasing by 134%, including growing adoption by Fortune 500 firms.
Min-Kyu Jung, CEO and co-founder of Ivo, said their goal is to make contracts faster and more accurate.
“Every key relationship in a business is defined by an agreement, yet most organizations struggle to extract the insights inside them. Our focus is to give in-house teams a trustworthy solution that helps them work faster and gives them visibility into their contracts that was previously impossible.”
Ivo mentioned several prominent customers by name, including Uber, Shopify, Atlassian, Reddit, and Canva.
Ivo aims to support in-house counsel and not outside law firms. An artificial intelligence (AI) platform reviews contracts in a “fraction of the time,” standardizing positions and precedents. Ivo claims that every contract is reviewed consistently and efficiently. Users report a 75% savings in time applied.
Contracting teams are said to be able to answer business-critical questions of their contracts within minutes.
Ivo’s long-term goal is to elevate contracts into strategic assets for all businesses.
