SAN FRANCISCO--(BUSINESS WIRE)--Today, Ivo (formerly Latch), a generative AI-powered contract review solution, announced $4.8M in funding to further enable legal teams to improve efficiency and accuracy, ensure consistent negotiating positions and deliver faster business value. To signify 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.
Ivo will utilize this new round of funding to expand its core team and continue to drive innovation within its existing product offering. The 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 $6.2M.
“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,” said Ivo co-founder and CEO Min-Kyu Jung.
The average lawyer spends between 40-60% of their time drafting and reviewing contracts. Contract professionals spend between one and six hours tracking obligations in a contract over the course of the lifetime of that contract. Ivo utilized the power of generative AI to create a solution for an efficient, accurate contract review process. GPS fleet management company Geotab utilizes Ivo to improve their efficiency. “We saved an average of 45 minutes of review time per contract, which translated into a 75% overall efficiency gain,” said David Torchetti, Legal Counsel at Geotab.
To further deliver on the company’s vision to reduce inefficiencies in the contract review process, Ivo also announced a series of key updates today, including:
- AI-generated Playbooks: Generate company-specific legal playbooks, through AI-powered extraction of key positions from existing templates and historical agreements.
- One-click Issues List generation: Instantly generate a comprehensive Issues List that highlights all critical aspects of your legal agreement.
- Dynamic Checklist review and Redline: Redline your entire document for consistency against your Checklist requirements with one click.
- AI-powered Comment Bubbles: Dynamically insert AI-powered comment bubbles into your agreements to enable streamlined justification of redlines to the counterparty.
Additionally, Ivo announced that it has obtained the SOC 2 Type II certification, as part of its ongoing commitment to security and operational excellence.
For more information, visit ivo.ai.
About Ivo
Ivo transforms how organizations review their legal contracts by leveraging generative AI to ensure increased efficiency, accuracy, and consistent negotiating positions. This empowers legal teams to reduce tedious workstreams and more effectively review legal contracts at scale. Headquartered in San Francisco, Ivo, formerly known as Latch, is supported by investors including Uncork Capital, Fika Ventures, Daniel Gross, GD1, and Phase One Ventures. Discover the future of AI-powered contract review and request a demo at ivo.ai.
