- AI-based contract analytics platform Paperflip announced recently that it raised $1 million in seed funding led by Norwest Venture Partners
Paperflip — an AI-based contract analytics platform — announced it has raised $1 million in seed funding led by Norwest Venture Partners with participation from Social Capital. Launched by David Wong and Tim Cederman-Haysom, Paperflip essentially provides companies with a single contract repository with automated data and clause extraction. And the platform is fully integrated with Salesforce so sales teams can trust the deal terms and customer obligations tracked in Salesforce fields while the legal team gets automated key term tracking. Using Paperflip, customers are able to run analysis across all their contracts wherever they are already stored.
“Paperflip can automatically find all your signed contracts in Salesforce, and other cloud storage, which previously was a manual process,” said Wong. “We also automate the discovery of non-standard or omitted clauses, rather than requiring a team to manually review every contract. Most of the companies we’ve spoken with keep all their sales contracts in Salesforce, and yet existing contract analytics solutions require you to use a separate platform, rather than fitting with your existing sales workflow.”
Some of Paperflip’s customers include LaunchDarkly, Alooma, and Iterable. LaunchDarkly sales operations manager Thi Nguyen said that Paperflip enabled the company to extract existing contract information and store it in Salesforce — which also provided accuracy to new contracts and ensured a seamless closing process. And Sarah Gounder, Esq. CIPP-US, Senior Corporate Counsel at Iterable, said that Paperflip enabled the company to process all existing MSAs, pull out the standard and non-standard terms, and save that language in custom Salesforce fields.
“We invested in Paperflip because we believe Tim and David have the opportunity to tackle a huge market with a unique approach to contract analytics,” added Sean Jacobsohn, partner at Norwest Venture Partners. “They bring a great combination of customer focus, technical depth, and prior experience in building and scaling products.”
Paperflip has been able to distinguish itself in two ways. First, the tool is focused on supporting integrations with other applications where companies already store their documents such as CRMs, document signing, and cloud storage tools. And Paperflip will soon integrate with HRIS and procurement systems. And secondly, Paperflip is able to solve an issue where companies want 100% accuracy of data extraction without having to deal with a black box solution. Paperflip is able to achieve near 100% accuracy while allowing customers to build trust in the system through its learning and correction system.
