ContractPodAi, a London-based startup that has developed what it describes as AI-powered contract lifecycle management software, is disclosing $55 million in Series B funding. The round is led by U.S.-based Insight Partners, with participation from earlier backer Eagle Investment.
Founded in 2012, ContractPodAi offers an “end-to-end” solution spanning the three main aspects of contract management: contract generation, contract repository, and third-party review. Its AI offering, which uses IBM’s Watson, claims to streamline the contract management process and reduce the burden on corporate in-house legal teams.
“The legal profession has been historically behind the curve in technology adoption and our objective here is to support to digital transformation of legal departments via our contract management platform,” ContractPodAi co-founder and CEO Sarvarth Misra tells TechCrunch.
“Our business focusses on providing in-house counsel of corporations across the world with an easy to use, out of the box and scalable end to end contract management platform at a fixed fee SaaS licence model”.
With regards to ContractPodAi’s target customer, Misra says its solution is industry agnostic but is typically sold to large international businesses, including FTSE 500 and Fortune 2000 corporations. Customers include Bosch Siemens, Braskem, EDF Energy, Total Petroleum, Benjamin Moore and Freeview.
Armed with new capital, ContractPodAi says it plans to “significantly” scale up its product development, sales, and customer success teams globally. The company already has offices in San Francisco, New York, Glasgow and Mumbai, in addition to its London HQ.
Adds Misra: “We believe that market for contract management solutions is fragmented with providers focussing one or two aspects of contract management functionality. ContractPodAi’s objective has been to provide one contract management ecosystem which covers all aspects of contract management functionality… This, along with our fixed, transparent pricing and ability to provide full implementation as part of the annual SaaS, differentiates us the from the rest of the providers”.