Source: Forbes
Contract reviews and negotiations are the bread-and-butter work of many corporate lawyers, but artificial intelligence (AI) promises to transform every aspect of the legal profession. Legaltech start-up Ivo, which is announcing a $16 million Series A funding round, wants to make manual contract work a thing of the past.
“We help in-house legal teams to red-line and negotiate contract agreements more quickly and easily,” explains Min-Kyu Jung, CEO and co-founder of Ivo. “It’s a challenge that couldn’t be solved well by AI until relatively recently, but the evolution of generative AI has made it possible.”
As Ivo seeks to build on this early momentum, Jung is eyeing expansion into international markets – most of its existing clients are US-based – and new product development. On the latter front, Ivo has just launched Search Agent, a new service that enables organisations to automatically scan their entire library of previously-agreed contracts. That could help legal teams to properly quantify and assess the obligations the organisation has entered into, say, or to identify precedents for dealing with particular problems or opportunities.
This fundraising will provide the business with further financial firepower to pursue its growth goals. The Series A round takes the total amount of money raised by the company to a little over $22 million. It previously raised seed finance with backing from angel investor Daniel Gross and venture firms Fika Ventures and Uncork Capital.
The Series A round is led by Costanoa Ventures, with further participation from Fika and Uncork, as well as NFDG, Blackbird VC, GD1 and Phase One Ventures. “Ivo is fundamentally transforming contract review for lawyers and legal teams,” argues Amy Cheetham, a partner at Costanoa Ventures. “By leveraging AI to manage the meticulous, painstaking work of contract review, Ivo gives legal teams tools designed by lawyers to work faster with greater accuracy.”
Read the full article: https://www.forbes.com/sites/davidprosser/2025/02/05/meet-ivo-the-legal-ai-that-will-review-your-contracts/
