Intelligent Legal Solutions (ILS), a legal technology company developing software for private investment funds lawyers, announced it has raised $3 million in a seed funding round led by Chicago Ventures. The funding will support the company’s effort to build a centralized workflow platform for legal teams involved in fund formation and post close fund management.
Founded in 2024, the company focuses on modernizing processes that remain heavily manual within private funds legal work. Its platform is designed to automate complex workflows including side letter management, comment memo management, and most favored nation (MFN) processes.
ILS’s flagship product, ProVision, provides a system that consolidates side letters into a single record and converts negotiated terms into structured, searchable obligations and elections. The platform also automates MFN workflows by generating election forms and tracking investor selections.
The platform has already gained traction among leading global law firms. Customers include Cleary Gottlieb, Fried Frank, Goodwin, Paul Weiss, Proskauer, Ropes & Gray, and Willkie Farr & Gallagher. In 2025 alone, ProVision processed more than 5,000 side letters across over 450 matters and supported more than $150 billion in capital raised across the United States, United Kingdom, European Union, Hong Kong, Singapore, and the Middle East.
The founders created the platform after identifying operational inefficiencies while working in investment funds teams at major law firms. They recognized that many post close workflows relied on email chains and spreadsheets rather than structured systems.
ProVision applies artificial intelligence to organize and structure negotiated terms while adhering to strict security and compliance frameworks, including SOC 2 Type 2 standards and GDPR compliance. The platform aims to reduce manual tracking, minimize missed obligations, and provide greater visibility across fund matters.
The new funding will help the company expand the ProVision platform and advance its product roadmap through 2026 as it continues building a unified workflow system for private funds legal teams.
KEY QUOTES
“We are thrilled to partner with Chicago Ventures, whose deep expertise assisting companies like ours to empower traditional businesses with technology will allow us to take our already substantial growth to another level.”
Fergus Plant, Co-Founder, Intelligent Legal Solutions
“ProVision is an important component of our asset management technology at Ropes & Gray. Our teams adopted it quickly, and ILS incorporated attorney feedback to develop features tailored to our needs. We look forward to collaborating on additional workflows in the future.”
Theresa Spartichino, Director Of Practice Technology, Ropes & Gray LLP
“What’s been most valuable for us is the operational clarity ProVision brings to a high-volume, high-stakes workflow. It helps us translate side letter negotiations into a structured record we can use across the matter, which improves consistency for our asset management team and creates cleaner visibility when clients need updates fast.”
Conan Hines, Director Of Practice Innovation, Fried, Frank, Harris, Shriver & Jacobson LLP
“ILS is building the workflow system for private funds lawyers, starting with MFN and side-letter automation and expanding into a unified platform for fund formation teams. ProVision’s rapid adoption across leading AmLaw firms, combined with the team’s lawyer-led and highly disciplined approach to AI, uniquely positions the company to define this category. We’re proud to lead this round and partner with the team as they scale globally.”
Eric Duboe, Partner, Chicago Ventures
