Ivo Lands $55 Million Series B To Scale AI Contract Intelligence For In-House Legal Teams [Forbes]
International Business Machines Corporation (IBM)
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Source: Forbes
The San Francisco-based company develops AI software that helps in-house legal teams review, manage, and analyze contracts at scale. The round was led by existing investor Blackbird, with participation from Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehouse Ventures. The funding values the company at roughly five times its valuation from nine months ago, after annual recurring revenue increased sixfold during the same period. Co-founders of Ivo, Jacob Duligall (l) and Min-Kyu Jung, CEO (r) Ivo Ivo focuses on contract intelligence for in-house legal teams, rather than law firms, a decision co-founder and CEO Min-Kyu Jung says shapes both the product and the company's long term direction. “We want to serve in-house legal teams rather than law firms,” Jung said in an interview. “The problems they have are very distinct. In-house teams have one client, law firms have many, and that creates completely different dynamics for how contracts are reviewed and managed.”
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