Internet and telecommunications group SoftBank’s Vision Fund 2 led a $115m series C round yesterday for ContractPodAi, the UK-based developer of a digitisation software platform for the legal sector.
The round also featured returning investor Eagle Proprietary Investments, and the company said the cash was raised at a valuation five times that of its previous round, a $55m series B in July 2019.
ContractPodAi’s no-code digital platform allows for legal processes to be managed efficiently through pre-built applications, guided forms and templates. It also offers artificial intelligence tools for functions like document review and advanced analytics.
The series C proceeds from the round will be used to further develop the company’s platform and help it expand internationally, particularly in the Asia Pacific region.
Insight Partners led ContractPodAi’s series B round and was joined by Eagle Proprietary Investments, the latter of which led the company’s series A round in 2018, according to TechCrunch.
Ayush Jain, an investment vice-president at SoftBank Investment Advisers, which manages Vision Fund 2, will take a seat on the company’s board of directors in connection with the latest round.
Jain said: “Despite the inexorable digitisation of the workplace, legal processes have largely resisted disruption. ContractPodAi’s technology aims to empower in-house legal professionals to radically improve business performance such as driving faster revenue recognition, increase compliance adherence and optimise operational workflows.
“We believe the company’s modularised, one-platform approach extends way beyond existing contract lifecycle management to capture a vast array of legal use cases across multiple jurisdictions.”
