Legal technology company Ivo has raised $16 million in Series A funding to expand its artificial intelligence-powered contract review solution, bringing its total funding to $22.2 million.
"When I was a corporate lawyer, contract review was amongst the most manual and time-consuming tasks," Min-Kyu Jung, chief executive officer and co-founder of Ivo, said.
Jung is a former Bell Gully solicitor, and Ivo which is now headquartered in San Francisco, was founded in Auckland.
Ivo's platform automatically checks agreements against company requirements and generates specific suggestions for resolving discrepancies, setting new standards for accuracy in contract review.
"Ivo reduced our average time to approve counterparty NDAs for signatures from four days to two, while first pass turn improved from an average of 11 hours to 5 minutes," Adrie Christiansen, legal operations lead at Quora, said.
The company's technology has attracted over 150 corporate clients, including Canva, Fonterra, Pipedrive, Weightwatchers, Eventbrite, and Blue Cross Blue Shield Kansas City.
"Ivo is fundamentally transforming contract review for lawyers and legal teams," Amy Cheetham, partner at Costanoa Ventures, said.
The funding announcement coincides with the launch of Ivo Search Agent, a new feature that eliminates manual metadata tagging in contract management systems, allowing legal teams to search across their entire contract portfolio regardless of document location.
Jung developed the platform after leaving his legal career to learn coding, driven by his firsthand experience with the inefficiencies of traditional contract review processes.
The company's approach focuses on maintaining accuracy while increasing efficiency, with clients reporting significant time savings.
Geotab's legal team achieved a 75 per cent efficiency gain, saving an average of 45 minutes per contract review.
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