LinkSquares, an AI-powered contract analytics software developer, has bagged $4.8m in an oversubscribed funding round.
The capital injection was led by Boston-based VC firm Hyperplane Venture Capital and MassMutual Ventures, which is the venture capital arm of Massachusetts Mutual Life Insurance Company. Other contributions to the round came from an unnamed top AM Law 50 firm.
In line with the investment, Hyperplane co-founder and managing partner John Murphy will join the company’s board of directors.
Founded in 2015, LinkSquares supplies AI-powered contract management and analytic solutions to help the finance, sales, account management and legal teams in organisations. Finance teams can leverage the platform to identify any compliance issues in contract and report to the necessary team members.
The platform boasts automated analysis, text searches, cloud storage, reporting and notifications for all contracts. Clients have used the solution to aid their crisis management by running reports and automated customer notifications.
Other use cases include quarterly reporting, fundraising and M&A diligence and internal legal and finance projects.
Through this investment, the company will look to expand its team, further the development of its AI technology and increase focus on its customer-centric go-to-market strategy.
MassMutual Ventures managing director Eric Emmons said, “The thousands of PDF and scanned vendor and customer agreements sitting in a company’s files are hiding potential revenue opportunities as well as possible legal obligations and financial liabilities.
“Instead of paying a first-year associate at an outside law firm to manually read through these documents, LinkSquares allows in-house counsel to manage their contractual environment with a real-time summary and graphical view of key contract terms, e.g., renewal dates, cancellation clauses, and confidentiality obligations.”
In total equity funding, the company has now raised $6.9m, with its previous round closing on $2.2m in 2017. Oklahoma-based private equity and VC investment firm Regent Private Capital led the former round.
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