ContractPodAi, the London based provider of AI-powered contract lifecycle management (CLM), announced a USD $115 million Series C investment headed by SoftBank Vision Fund. This latest round saw ContractPodAi’s valuation increase 5x from its previous Series B round in 2019.
As part of the transaction, Ayush Jain of SoftBank Investment Advisers will join the ContractPodAi Board. Proceeds from the round will go towards further accelerating ContractPodAi’s platform capabilities and expanding its market presence internationally, leveraging SoftBank’s networks to capture new opportunities in the APAC region. This funding round also marks SoftBank Vision Fund’s first investment in legal technology, one of the fastest growing software-as-a-service categories.
Building on the strength of ContractPodAi’s end-to-end CLM solution, ContractPodAi’s no-code platform allows teams to manage any legal scenario, process, or document using the platform’s pre-built and configurable applications such as claims, RFP review, and IP portfolio management.
In addition, the platform offers guided forms and templates to create a legal application from scratch. Across both pre-built applications and configurable applications, the platform leverages an embedded toolkit of AI functionality like document review, cognitive search, and advanced analytics for each use case. Pre-built applications contain tailored AI data models tuned to the objective of each module.
ContractPodAi is dedicated to help in-house counsel address any legal task they need to deliver, from buy- and sell-side contracting, to compliance requirements, to corporate governance. Additionally, ContractPodAI offers an expert legal transformation team who can engineer applications to any company’s workflows and playbook.
“Despite the inexorable digitization of the workplace, legal processes have largely resisted disruption,” said Ayush Jain, investor for SoftBank Investment Advisers. “ContractPodAi’s technology aims to empower in-house legal professionals to radically improve business performance such as driving faster revenue recognition, increase compliance adherence and optimise operational workflows. We believe the company’s modularized, one platform approach extends way beyond existing Contract Lifecycle Management to capture a vast array of legal use cases across multiple jurisdictions.”
“We are just scratching the surface of what we can do,” said Sarvarth Misra, Co-Founder and CEO of ContractPodAi. “The market is asking for a legal platform, a technology infrastructure that supports in-house legal teams like CRM does for sales teams or fintech for finance. With the backing of Insight Partners, Eagle Proprietary Investments, and now SoftBank Vision Fund 2, we are ready to win the market by driving digital transformation for our customers with our One Legal Platform approach.”
Existing investor, Eagle Proprietary Investments (Eagle), also doubled down on their previous investments from ContractPodAi’s Series A and Series B rounds. Deval Dvivedi, Head of International for Eagle and ContractPodAi Board member said, “ContractPodAi has seen a wonderful journey from the time of its Series A funding and we are excited to continue supporting its growth story.”
According to ContractPodAi, it is raising this funding round on the back of record-setting sales quarters this year, including multiple global, enterprise-wide rollouts for Fortune 500 clients. ContractPodAi also sees itself continuing to show strength across key performance metrics such as customer retention, while maintaining cost efficiency. ContractPodAi stated it has garnered global attention, including recently being named a Visionary in the 2021 Gartner Magic Quadrant report for Contract Lifecycle Management.
About ContractPod Technologies
According to ContractPodAi, it harnesses the unrivalled AI power of IBM Watson and Microsoft Azure for leading corporations around the world. Now, the platform’s robust, intuitive, and easy-to-use capabilities were extended to handle the entire, end-to-end legal lifecycle – any use-case, any document type, any scenario.