ContractPodAi scores $55M for its ‘AI-powered’ contract management software
ContractPodAi, a London-based startup that has developed what it describes as AI-powered contract lifecycle administration software program, is disclosing $55 million in Collection B funding. The spherical is led by U.S.-based Perception Companions, with participation from earlier backer Eagle Funding.
Based in 2012, ContractPodAi gives an “end-to-end” answer spanning the three important features of contract administration: contract era, contract repository and third-party overview. Its AI providing, which makes use of IBM’s Watson, claims to streamline the contract administration course of and scale back the burden on company in-house authorized groups.
“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 focuses 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 reference to ContractPodAi’s goal buyer, Misra says its answer is business agnostic however is often offered to giant worldwide companies, together with FTSE 500 and Fortune 2000 firms. Clients embrace Bosch Siemens, Braskem, EDF Power, Whole Petroleum, Benjamin Moore and Freeview.
Armed with new capital, ContractPodAi says it plans to “significantly” scale up its product growth, gross sales and buyer success groups globally. The corporate already has places of work in San Francisco, New York, Glasgow and Mumbai, along with its London HQ.
Provides Misra: “We believe the market for contract management solutions is fragmented with providers focusing 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.”