Digital signature technology provider DocuSign has provided $15m of funding for US-based contract analytics software developer Seal Software, according VentureBeat has reported.
Founded in 2010, Seal Software has built an artificial intelligence (AI)-equipped platform that is used by businesses to manage and analyse their contract portfolios. DocuSign formed a distribution partnership with the company in June 2018.
The software enables DocuSign’s customers to centralise and organise all their digital contracts, as well as analyse content and terms in the agreements using AI and machine learning technology.
Ron Hirson, DocuSign’s chief product officer, told VentureBeat: “AI lets organisations analyse their agreements for hidden risks and opportunities in new ways.
“As we have continued to invest in adding intelligence to our suite of products, this investment in Seal’s discovery and analytics is just another step in making our agreement cloud offering smarter.”
Venture capital firm Toba Capital had invested $30m in Seal Software in June 2018. The company has not disclosed details of earlier financing but referred to Toba as an existing investor.