3rd October 2019
3rd October 2019
New investment in ContractPodAi represents largest Series B round for any CLM provider globally
Mumbai, October 3rd, 2019: ContractPodAi, the award-winning provider of AI-powered contract lifecycle management software, announced its plans to expand its technology hub in India. Recently, ContractPodAi raised the largest Series B round for any CLM provider. It secured a $55 million Series B investment round led by Insight Partners with participation from the company's Series A backer, Eagle Proprietary Investments. This $55m is the largest Series B round for any CLM provider globally. The funds secured will be deployed towards business expansion. It will be used to build its global technology R&D centre out of Mumbai, India.
The focus of the centre will be on building best in class technology innovations in the legal technology sector especially on leveraging AI technology. ContractPodAi already partners with IBM Watson.
Founded in 2012, the company started in the Indian market in January 2018. ContractPodAi’s facility in Mumbai supports research, software development, system maintenance, and contract migration services, managed by lawyers. Already having experienced significant growth since inception, the Mumbai operations is planning to add up to 100 additional professionals to the team, by year-end.
The company is a leading end-to-end solution for all three aspects of contract management: contract generation, contract repository, and third-party review. Its technology uses AI to streamline all areas of the contract management process, massively reducing the burden on corporate in-house legal teams and transforming them to tech-enabled value centres for the wider business.
ContractPodAi serves customers across every continent, with offices in London, New York, San Francisco, Glasgow, and Mumbai. Its customers include large scale global corporations across all industries.
Building on the company's success in streamlining contract workflow to digitize and transform in-house legal ops, the new investment allows ContractPodAi to significantly scale-up its product development, sales, and customer success teams globally. This will help meet the growing demand for its AI-powered contract management platform within global corporations.
ContractPodAi's revolutionary software has been widely recognised by independent experts. Most recently, the product’s unique merits placed the company on Gartner’s 2019 'Cool Vendor' list. ContractPodAi has been expanding the reach of its offering with the recent launch of its contract management application on the Salesforce platform and expects to announce several major product releases continuing into the second half of 2019.
Sarvarth Misra, Co-Founder and CEO of ContractPodAi, said:
“This is a truly exciting time for the legal technology sector – we are on the cusp of the legal sector’s very own industrial revolution.
We are hugely passionate about building platforms that help lawyers do their jobs more effectively and allow them to focus on what they love doing. Our solution is customer focused and our team has both the legal and tech experience needed to disrupt the legal world and unlock added value.
This new investment allows us to take ContractPodAi to a much wider audience and expand our base in a country like India. Today, India is witnessing a boom in AI. Educational institutions are promoting Bachelor Degrees in Artificial Intelligence and the government is using leading technologies to create a digital map for its future. Indeed, it is an exciting time to be a part of this revolution.
We are delighted to be partnering with the Insight team, who are widely recognised as the leaders in the enterprise software investment space. They have a well-established support mechanism for rapid scale-ups in sales, marketing and product.”
Insight Partners is a leading global venture capital and private equity firm headquartered in New York City. Insight has backed some of Europe’s top technology and software companies, including BlaBlaCar, Calm, Darktrace, Delivery Hero, Hello Fresh, and Shopify. Josh Fredberg, formerly at SAP Ariba, and Paul Szurek, Vice President at Insight Partners, will join the board of ContractPodAi.
A pioneer in the tech transformation space, ContractPod Technologies is now one of the world’s fastest growing legal tech companies. Customers include some of the world’s largest and highly regarded corporations. ContractPodAi® is an award-winning, easy to use, intuitive and affordable contract creation and lifecycle management solution aimed at corporate legal departments. It enables users to assemble, automate, approve, sign and manage all their contracts and documents.
Our platform is built in partnership with some of the most reliable technologies including IBM Watson, Microsoft, DocuSign and SalesForce. ContractPodAi® is headquartered in London and has global offices in San Francisco, New York, Glasgow and Mumbai. More information is available at ContractPodAi.
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
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