Ivo (formerly Latch), a generative AI (GenAI) powered contract review solution, announced $4.8 million in funding to enable legal teams to improve efficiency and accuracy and drive consistent negotiating positions. This funding round was led by Uncork Capital and Fika Ventures, with additional funding from previous investors Daniel Gross, GD1, and Phase One Ventures. This brings the company’s total funding to $6.2 million.
Ivo will utilize this new round of funding to expand its core team and continue to drive innovation within its existing product offering.
To represent the next stage of the company’s development, the company is now relaunched under the name Ivo, inspired by Ivo of Kermartin, the patron saint of lawyers. Current Ivo customers include Automattic (WordPress and Tumblr), Carparts.com, Pipe, SCAN Health, Commure, and others.
The average lawyer spends between 40% and 60% of their time drafting and reviewing contracts. And contract professionals spend between one and six hours tracking obligations in a contract throughout the lifetime of that contract. Ivo utilized GenAI to create a solution for an efficient, accurate contract review process. GPS fleet management company Geotab utilizes Ivo to improve their efficiency.
To deliver on the company’s vision of reducing inefficiencies in the contract review process, Ivo also announced a series of major updates today, including:
1.) AI-generated Playbooks – Generate company-specific legal playbooks through AI-powered extraction of key positions from existing templates and historical agreements.
2.) One-click Issues List generation – Instantly generate a comprehensive Issues List highlighting all your legal agreement’s critical aspects.
3.) Dynamic Checklist review and Redline – Redline your entire document for consistency against your Checklist requirements with one click.
4.) AI-powered Comment Bubbles – Dynamically insert AI-powered comment bubbles into your agreements to enable streamlined justification of redlines to the counterparty.
KEY QUOTE:
“Contracts are foundational to commerce, but reviewing contracts is a key bottleneck for important business processes. By using AI to reduce the time, effort, and cost of negotiating contracts, we’re making it easier for businesses to work together. I’m excited to work with our team to continue pushing the frontiers of AI applications in contracting.”
– Ivo co-founder and CEO Min-Kyu Jung
“We saved an average of 45 minutes of review time per contract, which translated into a 75% overall efficiency gain.”
– David Torchetti, Legal Counsel at Geotab
