Ivo, a groundbreaking AI-powered contract review platform, has secured $16 million in Series A funding to scale its solution and help legal teams manage growing contract volumes with unprecedented accuracy and efficiency. Already trusted by over 150 corporate legal teams, including major players like Canva, Weightwatchers, and Eventbrite, Ivo is revolutionizing the contract lifecycle by reducing the time spent on manual redlining while maintaining accuracy and compliance.
1. The Challenges Ivo Solves for Legal Teams
- Efficiency vs. Accuracy Dilemma: Traditional contract automation tools often prioritize speed, leaving legal teams to choose between efficiency and the accuracy required in complex legal documents. Ivo addresses this by combining both speed and precision, offering a solution that provides reliable contract reviews with minimal manual intervention.
- High-Volume Contract Management: As contract volumes continue to rise, in-house legal teams face pressure to review more agreements than ever. Ivo’s AI-powered platform allows teams to keep pace, offering naturalistic redlines that reflect the expertise of experienced attorneys, helping legal teams stay consistent and precise.
2. How Ivo Works: AI-Driven Contract Review
- Automated Review Process: Ivo’s AI automatically checks contracts against company requirements, offering suggestions for resolving discrepancies and even generating compromise language between conflicting clauses.
- Sophisticated Redlining: Unlike competitors that treat contract review as a simple automation task, Ivo’s platform produces redlines that mirror the judgment and expertise of experienced lawyers, ensuring consistent terminology and minimal changes.
- Enhanced Transparency: Legal teams can review and validate every suggestion Ivo generates, which gives them full control over the process while streamlining workflows.
3. Impact on Legal Teams
- Faster Review Times: Legal teams have experienced dramatic time savings with Ivo. For example, Quora’s legal operations lead reports a reduction in counterparty NDA approval times from four days to two, and Geotab’s legal team has saved an average of 45 minutes per contract review, increasing efficiency by 75%.
- Empowered Legal Teams: With Ivo, legal professionals can focus more on high-level strategic work, as the platform automates repetitive tasks without sacrificing accuracy.
- Customization and Scalability: Ivo’s platform offers extensive customization features, allowing legal teams to set guardrails that ensure consistent results across thousands of agreements, making it ideal for businesses handling high-volume contract review.
4. The Launch of Ivo Search Agent
- Revolutionizing Contract Search: Ivo’s new Search Agent tool allows legal teams to search across their entire contract portfolio, regardless of where the documents are stored. This includes cloud storage solutions like Box and SharePoint, as well as local computers, providing seamless access to critical data.
- Efficient Reporting: The system enables the generation of comprehensive reports across various data sources, significantly reducing the workload of legal teams while delivering powerful insights.
Ivo’s Series A funding marks a significant milestone in the company’s mission to revolutionize contract review for legal teams. By leveraging advanced AI technology, Ivo helps legal professionals manage contract volumes more efficiently while maintaining the highest standards of accuracy and compliance. With the launch of the Ivo Search Agent and ongoing advancements in AI-driven contract review, Ivo is poised to transform how legal teams work, offering a powerful force multiplier that enhances legal judgment and accelerates contract management.
