ContractPodAi, the award-winning provider of AI-powered contract lifecycle management software, announced its plans to expand its technology hub in India. Recently, ContractPodAi’s raised the largest Series B round for any CLM provider. It secured a $55 million Series B investment round led by Insight Partners with participation from the company’s Series A backer, Eagle Proprietary Investments. This $55m is the largest Series B round for any CLM provider globally. The funds secured will be deployed towards business expansion. It will be used to build its global technology R&D centre out of Mumbai, India.
The focus of the centre will be on building best in class technology innovations in the legal technology sector especially on leveraging AI technology. ContractPodAi already partners with IBM Watson.
Founded in 2012, the company started in the Indian market in January, 2018. ContractPodAi’s facility in Mumbai supports research, software development, system maintenance, and contract migration services, managed by lawyers. Already having experienced significant growth since inception, the Mumbai operations is planning to add up to 100 additional professionals to the team, by year end.
The company is a leading end-to-end solution for all three aspects of contract management: contract generation, contract repository, and third-party review. Its technology uses AI to streamline all areas of the contract management process, massively reducing the burden on corporate in-house legal teams and transforming them to tech-enabled value centres for the wider business.
ContractPodAi serves customers across every continent, with offices in London, New York, San Francisco, Glasgow, and Mumbai. Its customers include large scale global corporations across all industries.
Building on the company’s success in streamlining contract workflow to digitize and transform in-house legal ops, the new investment allows ContractPodAi to significantly scale-up its product development, sales, and customer success teams globally. This will help meet the growing demand for its AI-powered contract management platform within global corporations.
ContractPodAi’s revolutionary software has been widely recognised by independent experts. Most recently, the product’s unique merits placed the company on Gartner’s 2019 ‘Cool Vendor’ list. ContractPodAi has been expanding the reach of its offering with the recent launch of its contract management application on the Salesforce platform and expects to announce several major product releases continuing into the second half of 2019.
Sarvarth Misra, Co-founder and CEO of ContractPodAi, said: “This is a truly exciting time for the legal technology sector – we are on the cusp of the legal sector’s very own industrial revolution.
We are hugely passionate about building platforms that help lawyers do their jobs more effectively and allow them to focus on what they love doing. Our solution is customer focused and our team has both the legal and tech experience needed to disrupt the legal world and unlock added value.
This new investment allows us to take ContractPodAi to a much wider audience and expand our base in a country like India. Today, India is witnessing a boom in AI. Educational institutions are promoting Bachelor Degrees in Artificial Intelligence and the government is using leading technologies to create a digital map for its future. Indeed, it is an exciting time to be a part of this revolution.”
We are delighted to be partnering with the Insight team, who are widely recognised as the leaders in the enterprise software investment space. They have a well-established support mechanism for rapid scale-ups in sales, marketing and product.”
Insight Partners is a leading global venture capital and private equity firm headquartered in New York City. Insight has backed some of Europe’s top technology and software companies, including BlaBlaCar, Calm, Darktrace, Delivery Hero, Hello Fresh, and Shopify. Josh Fredberg, formerly of SAP Ariba, and Paul Szurek, Vice President at Insight Partners, will join the board of ContractPodAi.