ContractPodAi, a contract lifecycle management software company, has collected $55m in its Series B round.
Insight Partners, a high-growth technology focused investor, led the round. Participation also came from ContractPodAi’s Series A investor Eagle Proprietary Investments.
Funds from the round will be used to scale-up its product development, sales, and customer success teams globally, to help meet rising demands for its services. The company also plans to announce the launch of new products later in the year.
ContractPodAi is an end-to-end platform which covers the entire contract lifecycle including the contract generation, contract repository, and third-party review. Its AI technology can streamline the contract management process by enabling users to assemble, automate, approve, sign, and manage their contracts and documents.
Clients can manage the entire contract process, storing the information digitally and extract needed information for reports.
The company, which was founded in 2012, currently has offices in London, New York, San Francisco, Glasgow and Mumbai.
Insight Partners managing director Jeff Lieberman said, “We are hugely impressed by ContractPodAi’s phenomenal and capital efficient growth and, most importantly, by the passionate testimonies their customers share about the game-changing impact of the ContractPodAi platform.
“This momentum speaks to a real and unmet market need for a truly horizontal, end-to-end CLM ecosystem in driving digital transformation efforts across legal ops. With this investment in ContractPodAi, we are excited to partner with a team backed by a clear vision and strong leadership that has demonstrated a unique ability to build products that both legal and business users love.”
Fellow contract management platform Icertis also closed a funding round this week, bagging $115m in its Series E. The company, which is now valued at more than $1bn, helps financial institutions manage their contracts and streamline processes such as vendor and customer onboarding.
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