Legal AI developer Ivo raises $55m in Blackbird-led Series B round
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The news: New Zealand-based legal AI business Ivo has raised USD55 million ($81.7 million) in a Series B funding round led by venture capital fund Blackbird.
The context: Other funding round participants included American venture capital firms Costanoa Ventures, Uncork Capital and Fika Ventures, as well as New Zealand-based GDIO and Icehouse Ventures, according to the Financial Review.
Ivo has developed a tool that can review contracts and suggest improvements in a way that is consistent with company playbooks and legal standards.
Ivo has developed an ‘intelligence’ tool that can search and compare repositories of existing contracts and visualise differences.
It is designed to support in-house legal teams and already counts Canva, IBM, Shopify and Uber among its clients. The company was launched in April 2023 by former Xero engineer Jacob Duligall and former corporate lawyer Min-Kyu Jung.
The new funds will be used to further develop Ivo’s platform and expand internationally by opening offices in London and New York.
What they said: “Contract review is already world-leading. Next, Ivo’s Contract Intelligence platform is unlocking entirely new insights and fresh use cases. We believe Ivo is defining the category of AI for the most sophisticated in-house legal teams,” Blackbird principal James Palmer said on LinkedIn.
The sources: Ivo announcement, LinkedIn post, The Australian Financial Review
