AI-powered contract lifecycle management software ContractPodAi, has announced a $55m investment round.
The Series B was led by Insight Partners with participation from the company鈥檚 Series A backer, Eagle Proprietary Investments.
This $55m investment represents Europe鈥檚 largest legaltech Series B fundraise and the largest Series B round for any CLM provider globally.
The firm provides an end-to-end solution for contract generation, contract repository, and third-party review.
Its technology uses AI to streamline all areas of the contract management process, in an attempt to reduce the burden on corporate in-house legal teams.
Founded in 2012, ContractPodAi now has offices in London, New York, San Francisco, Glasgow, and Mumbai. Its customers include large scale global corporations across all industries.
The firm said that the new investment will allow it to scale-up its product development, sales, and customer success teams globally.
鈥淭his is a truly exciting time for the legal technology sector 鈥� we are on the cusp of the legal sector鈥檚 very own industrial revolution,鈥� said Sarvarth Misra, co-founder and CEO of ContractPodAi.
鈥淲e 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.
鈥淭his new investment will allow us to take ContractPodAi to a much wider audience, serve our customers better and ensure we continue our rapid growth trajectory.
鈥淲e are delighted to be partnering with the Insight team, who are widely recognised as the leaders in the enterprise software investment space and have a well-established support mechanism for rapid scale-ups in sales, marketing and product.鈥�
Jeff Lieberman, MD an investor Insight Partners, added: 鈥淲e are hugely impressed by ContractPodAi鈥檚 phenomenal and capital efficient growth and, most importantly, by the passionate testimonies their customers share about the game-changing impact of the ContractPodAi platform.
鈥淭his momentum speaks to a real and unmet market need for a truly horizontal, end-to-end CLM ecosystem in driving digital transformation efforts across legal ops.
鈥淲ith this investment in ContractPodAi, we are excited to partner with a team backed by a clear vision and strong leadership that has demonstrated a unique ability to build products that both legal and business users love.鈥�