Ivo, an AI-powered contract intelligence platform, has this week announced a $55M Series B funding round led by existing investor Blackbird, with participation from existing and new investors Costanoa Ventures, Uncork Capital, Fika Ventures, GD1 and Icehouse Ventures.
“Our goal has always been to make interacting with contracts fast, accurate, and enjoyable,” said Min-Kyu Jung, CEO and co-founder of Ivo. “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.”
The new capital will support product development and scaling as the company deepens its reach across the hundreds of organizations that already rely on Ivo, including Uber, Shopify, Atlassian, Reddit, and Canva.
“Uber selected Ivo because it was intuitive to use, demonstrated a high level of accuracy, could work in multiple languages, and met its confidentiality requirements,” Kate Gardner, senior manager of contract operations at Uber, said. “Furthermore, the Ivo team was highly responsive to Uber’s needs.”
Ivo is purpose-built for in-house teams that need both reviews and visibility into their complete contract library. The company’s AI-powered contract review solution, Ivo Review, allows users to complete reviews in a fraction of the time; customers report saving up to 75% of the time that manual review would demand.
The product standardizes a company’s positions and precedents using playbooks built and implemented by lawyers.
Carla Michel, director of senior counsel at CDW, noted,
“CDW values its partnership with Ivo whose commitment to advancing legal technology aligns with our strategic priorities. The Contract Review Tool and Intelligence Tool streamline contract analysis and enhance decision-making through AI-driven insights. Our collaboration continues to support the integration of AI processes into our legal workflows.”
Ivo Intelligence gives companies visibility into their agreements in seconds without having to rely on manual input or metatagging. Contracting teams can now answer business-critical questions of their contracts within minutes, rather than taking months of manual review. The system also automatically identifies connections between agreements and highlights standard legal positions, allowing contracting teams to operate with greater clarity and control.
“In-house legal teams demand products that are deeply accurate and aligned to how they work. The most sophisticated teams are incredibly selective about the tools they trust,” said James Palmer, principal at Blackbird. “Ivo’s traction with some of the world’s best companies shows it consistently exceeds that bar. With exceptional product execution and an uncompromising quality bar, we believe (they are) defining and leading the category.”