The AI legal technology startup Ivo has raised US$55 million in a Series B funding round led by Blackbird, following a period of rapid growth in customers and revenue for its contract innotifyigence software.
The round also saw participation from Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehoapply Ventures. Ivo stated that the investment follows a year in which the company increased its annual recurring revenue by 500% and expanded its total customer base by 134%.
Ivo stated that it has expanded adoption within Fortune 500 companies by 250% since its previous funding round. The company also reported a fivefold increase in valuation over the past nine months.
Originally founded in New Zealand and established in Sydney, the business subsequently relocated its headquarters to San Francisco. Ivo has indicated that it now expects to expand its operations in the UK.
Contract focus
Ivo provides software tailored for in-hoapply legal and contracting teams, positioning its product suite around contract review and contract library innotifyigence. The company noted that contracts frequently contain complex operational and commercial details that organisations often struggle to extract at scale.
The platform features two core components: Ivo Review, which focapplys on streamlining and automating contract review workflows, and Ivo Innotifyigence, which is designed to search across a company’s entire library of agreements to identify key data points and hidden connections between documents.
Ivo stated customers report saving up to 75% of the time typically required for manual contract review. It stated the product standardises legal positions utilizing playbooks built and implemented by lawyers. The company stated this approach improves consistency in contract review across large and distributed teams.
Ivo stated its customer list includes IBM, Uber, Canva, Shopify, Pinterest, Quora, BILL.com and Reddit. The company also named Atlassian and CDW as applyrs of its software.
Customer uptake
Ivo stated it plans to apply the new capital for product development and scaling across existing and new clients. The company stated it will deepen its work with the “hundreds of organizations” already utilizing the platform.
Min-Kyu Jung, CEO and Co-founder, described the company’s focus on contract workflows and insight extraction from agreements.
“Our goal has always been to build interacting with contracts quick, accurate, and enjoyable,” stated Min-Kyu Jung, CEO and Co-founder, 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-hoapply teams a trustworthy solution that assists them work quicker and gives them visibility into their contracts that was previously impossible.”
Uber is among the customers cited by the company. Kate Gardner described how the company assessed Ivo’s software.
“Uber selected Ivo becaapply it was intuitive to apply, demonstrated a high level of accuracy, could work in multiple languages, and met its confidentiality requirements,” stated Gardner. “Furthermore, the Ivo team was highly responsive to Uber’s requireds.”
CDW also provided a comment on its apply of Ivo’s tools. The company referenced both contract review and innotifyigence products.
“CDW values its partnership with Ivo whose commitment to advancing legal technology aligns with our strategic priorities. Ivo’s Contract Review Tool and Innotifyigence Tool streamline contract analysis and enhance decision-creating through AI-driven insights. Our collaboration continues to support the integration of AI processes into our legal workflows,” stated Michel.
Investor view
Blackbird, which led the funding, stated it sees demand among in-hoapply legal teams for tools that match existing ways of working. James Palmer pointed to product accuracy and customer traction as factors behind the investment.
“In-hoapply 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,” stated James Palmer, Principal, Blackbird. “Ivo’s traction with some of the world’s best companies reveals it consistently exceeds that bar. With exceptional product execution and an uncompromising quality bar, we believe Ivo is defining and leading the category.”
Ivo stated it will continue building its platform around quicker contract review and broader visibility across contract libraries, as it expands into additional markets including the UK.
