Ivo, Legal Contract AI Startup, Raises $4.8 Million to Boost Efficiency
Ivo (formerly Latch), a legal technology company using generative AI to streamline contract review (making AI work for legal contracts), announced $4.8 million in funding to enhance its existing platform for improving efficiency and accuracy.
This funding round will allow Ivo to expand its team and further develop its AI-powered contract review solution. By utilizing generative AI, Ivo aims to decrease the time, effort, and cost associated with contract negotiation, ultimately improving its business efficiency at a high level.
Headquartered in San Francisco, Ivo is backed by investors including Uncork Capital, Fika Ventures, and Daniel Gross.
According to Ivo, all legal professionals spend a significant amount of time reviewing contracts and finding flaws, creating a bottleneck in business processes and eventually asking for more hours to review a contract.
Ivo being a legal contract AI startup addresses this need by automating many aspects of the contract review process, as evidenced by Geotab, an Ivo client who achieved a 75% efficiency gain after using Ivo.
With some others, current Ivo customers include Automattic (WordPress and Tumblr), Carparts.com, Quora, and Pipe.
In an official press release, Ivo announced these plans:
- AI-generated Playbooks: Generate customized legal playbooks based on existing agreements.
- One-click Issues List: Instantly identify critical aspects of a legal agreement.
- Dynamic Checklist Review: Ensure contract consistency with checklists through a single click.
- AI-powered Comment Bubbles: Streamline justifications for contract edits.
Ivo is also an AI startup that's not looking behind its privacy and security issues, Ivo's dedication to security is highlighted by its achievement of SOC 2 Type II certification which makes the startup a trusted company.
