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Ivo raises $16M Series A to automate contract review for lawyers
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Legaltech startup Ivo has secured $16 million in Series A funding to advance its AI-powered contract review technology for corporate legal teams.

Core technology and value proposition: Ivo’s AI platform scans and analyzes legal contracts to identify problematic clauses and suggest revisions, streamlining the contract review process for in-house legal teams.

  • The technology leverages generative AI to automatically identify clauses that deviate from standard terms or present unacceptable risks
  • The system provides suggested revisions that human lawyers can review before returning to counterparties
  • Ivo aims to balance protecting organizational interests while avoiding unnecessary changes that could delay negotiations

Market traction and impact: Since launching in April 2023, Ivo has demonstrated significant commercial success and measurable benefits for clients.

  • The company has secured over 150 customers, including major brands like Canva, Weightwatchers, and Eventbrite
  • At Quora, the platform reduced contract approval times from 4 days to 2 days
  • First-pass review times improved from 11 hours to 5 minutes according to Quora’s legal operations team

Funding and expansion plans: The Series A investment brings Ivo’s total funding to $22 million and will fuel growth initiatives.

  • Costanoa Ventures led the round, with participation from Fika Ventures, Uncork Capital, and others
  • The company plans to expand beyond its primarily US-based customer footprint
  • A new Search Agent feature allows organizations to scan existing contract libraries for obligations and precedents

Competitive landscape: Ivo operates in an increasingly active legaltech market focused on contract automation.

  • Competitors include established players like Icertis and Ironclad
  • Ivo differentiates itself through sophisticated generative AI capabilities that go beyond basic automation
  • The company emphasizes accuracy and precision in its contract redlining capabilities

Future implications: The adoption of AI-powered legal tools like Ivo signals a significant shift in how corporate legal departments handle routine contract work, potentially reducing costs and accelerating business operations while maintaining quality standards.

Meet Ivo, The Legal AI That Will Review Your Contracts

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