Legal tech platform ContractPodAi has raised $115 million in a Series C funding round led by SoftBank Vision Fund 2, according to a press release on Thursday (Sept. 30).
The fresh infusion of capital will be used to grow the startup’s contract lifecycle management (CLM) platform powered by artificial intelligence (AI) and to continue international expansion. As part of the funding, Ayush Jain of SoftBank Investment Advisers will join the ContractPodAi board.
Proceeds from the round will also help ContractPodAi’s platform gain further momentum and tap SoftBank’s networks to discover prospects in the Asia Pacific (APAC) region. This is the first time Vision Fund 2 has invested in legal technology, which is among the fastest-growing verticals in the Software-as-a-Service (SaaS) space, per the release.
See also: Onit Collab Lets Corps Manage Legal Expenses
Jain said the legal industry has been slow to adopt digital processes, despite the overall “inexorable digitization of the workplace.” He added that ContractPodAi uses technology that gives legal professionals the ability to “radically improve business performance,” resulting in quicker revenue, increased compliance and better workflows.
“We believe the company’s modularized, one platform approach extends way beyond existing contract lifecycle management to capture a vast array of legal use cases across multiple jurisdictions,” Jain said.
Read more: CosmoLex Designs AP Tool for Law Firms
ContractPodAi’s end-to-end CLM solution, its core product, is a no-code platform that gives teams the ability to handle any legal scenario, process or document they might encounter. The company’s platform is integrated with pre-built and configurable applications for claims, request for proposal (RFP) review and intellectual property (IP) portfolio management, per the announcement.
Sarvarth Misra, ContractPodAi’s CEO and co-founder, said the company is just getting started and “scratching the surface of what we can do.” He added that the legal market is asking for a solution akin to CRM for sales, a technology framework for legal teams.
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