Source: Legal IT Insider
By Caroline Hill
The Contract Network, an AI-powered contract collaboration platform, announced today (17 August) that it has raised $8M in seed funding. The round was led by Tusk Venture Partners, with participation from Andrew Sieja, founder of Relativity; The Legal Tech Fund; Mayo Clinic; Toba Capital; and GC&H Investments, which is Cooley’s venture capital fund.
Launched only this year by former Seal Software president Jim Wagner and the former CTO of Blackstone, Bill Murphy, The Contract Network’s platform parses out contracts into their individual clauses, turning agreements into “data from the first draft,” and uses generative AI, including GPT-4, to provide context and market insights for each change and redline.
Stakeholders can collaborate on contracts in real-time and with visibility into every change that is made with AI-powered translation from legal jargon to plain language…
Read full article: https://legaltechnology.com/2023/08/17/the-contract-network-raises-8m-in-seed-funding-from-raft-of-high-profile-investors/
