The Contract Network, an AI-powered contract collaboration platform, announced that it has raised $8M in Seed funding. The round was led by Tusk Venture Partners, with participation from Andrew Sieja (Founder of Relativity), The Legal Tech Fund, Mayo Clinic, Toba Capital, and GC&H Investments, an investment fund associated with Cooley LLP. The platform helps accelerate dealmaking by increasing the speed of the contract negotiation process.
Launched earlier this year, The Contract Network’s platform parses out contracts into their individual clauses, turning agreements into “data from the first draft,” and uses generative AI to provide context and market insights for each change and redline. Stakeholders can collaborate on contracts in real-time and with full visibility into every change that is made with AI-powered translation from legal jargon to plain language. The Contract Network works in concert with existing Contract Lifecycle Management (CLM) platforms and also connects to the various software silos that currently exist in a typical contract negotiation.
“The real price of outdated contracting isn’t just about professional fees from the endless back and forth process,” began Jim Wagner, Co-Founder and CEO of The Contract Network. “More importantly, it’s the potential innovation and economic opportunities that slip away with each delayed deal.”
For example, the clinical trial approval process is one key area where slow contracting can directly impact innovation. The current negotiation processes for clinical trials agreements and related documentation are complex and time-consuming. This can lead to frustrating delays for patients and medical providers alike. In addition, according to the company, the financial impact of these delays from $600,000 to as much as $8 million per day.
“The clear real-world application and need for an AI-powered collaboration platform is what attracted us to The Contract Network. This platform will completely transform how businesses come together to get deals done faster across a wide variety of industries, also saving time and money as a result,” said Jordan Nof, Co-Founder and Managing Partner of Tusk Venture Partners.
The Contract Network has received strong interest from a wide variety of customers and partners. “Integreon’s clients deserve specialized tech-enabled services that deliver high quality, fast turnaround, and are cost-effective. We are confident that the combination of our managed legal services with The Contract Network’s AI-powered platform allows us to innovatively meet our contracts and compliance clients’ needs,”said Subroto Mukerji, CEO of Integreon, a trusted provider of legal and business outsourced services to corporations and law firms worldwide.
Contracting processes today are largely managed either exclusively in Office products or using CLM tools that serve the needs of one, but not all parties. The Contract Network is the first platform built for the purposes of bridging these disparate applications and bringing all parties, including their advisors and counsel, together on a single platform to promote speed and efficiency.
“The Contract Network has enormous potential to fundamentally change how contractual agreements get done to save time and money while preserving the goodwill between parties. Its innovative approach allows for productive and rapid issue resolution, allowing parties to come to agreement and get to work. This positive impact on its participants and the company’s ambition to build a network serving millions has us excited to be involved,” said Andrew Sieja, Founder of Relativity.
About The Contract Network
The Contract Network is a legal technology company that has, according to the company, built the world’s first AI-powered collaborative contracting platform. The Contract Network works to foster transparency and better outcomes by providing all parties to an agreement a first-class and neutral platform to radically accelerate their negotiations and to collaboratively manage their contract compliance.
For those eager to be at the forefront of this revolution in contract collaboration, The Contract Network is now accepting applications for early access. Visit The Contract Network website to request early access or schedule a demo.