Contracts play an important role in corporate legal departments. However, contract management is a crucial, time-consuming and complicated task. But, with numerous technologies, legal departments have streamlined contract lifecycle management along with other benefits.
Founded in 2012 by Robert Glennie and Sarvarth Misra, ContractPodAi is an award-winning London-based AI-powered contract lifecycle management platform combining all the necessary contract tools into a single convenient place. It lets you generate contracts, use AI to review third-party documents and run reports on existing contracts in one place.
Secures €49M funding
ContractPodAi has secured $55 million (nearly €49 million) Series B funding led by Insight Partners along with participation from Eagle Proprietary Investments, which is a previous investor. Notably, this investment marks the world’s largest legaltech Series B funding round in the contract lifecycle management sector.
Insight Partners is a leading venture capital and private equity firm based in New York City. It has backed some of the leading tech companies including Delivery Hero, BlaBlaCar, HelloFresh, Shopify, Darktrace and Calm.
With the new investment, ContractPodAi aims to scale up product development, customer and sales teams significantly across the world. Notably, there are offices in New York, San Francisco, Mumbai and Glasgow apart from its headquarters in London. Also, Josh Fredberg of SAP Ariba and Paul Szurek, the Vice President at Insight Partners joins the board of ContractPodAi.
Makes use of Artificial Intelligence
ContractPodAi uses Artificial Intelligence to streamline the contract management process and reduce the burden on in-house corporate legal teams. Its revolutionary software has been recognised widely by independent experts.
Big plans for 2019
ContractPodAi won the ‘Cool Vendor’ award this year from Gartner, a leading global research company. It has been able to expand its offering with the launch of its contract management application on the Salesforce platform. Also, the contract management platform is expected to announce many other major product releases in 2019.
Beneficial for businesses
With its end-to-end contract lifecycle management, ContractPodAi benefits businesses as it helps their legal departments reduce the sales cycle by 2.5 weeks on an average. It is an all-in-one tool, which reduces the time required for contract authoring and review.
Moreover, the pricing model of ContractPodAi includes hosting on Microsoft Azure, a software license and a DocuSign license.
Stay tuned to Silicon Canals for more updates in the tech startup world.