ThoughtRiver, a renowned UK-based legal-tech firm that applies AI to expedite contract pre-screening process, has reportedly announced that it has secured over $10 million from a Series A investment round led by one of the largest Venture Capital firms in Europe, Octopus Ventures.
Additionally, existing company seed investors Local Globe, Crane, Syndicate Room, Entrée Capital also took part in the round. Moreover, the round also witnessed participation from Duncan Painter, a renowned angel investor.
ThoughtRiver is among the number of enterprises that are applying AI to completely automate the work which otherwise would be carried out by legal professionals, to effectively boost operational efficiency. Some other legal-tech startups that are active in the industry landscape include LawGeex, Luminance, and Kira Systems among others.
However the startup argues that its focus is on something that is completely different from a a number of other contract view enterprises, pre-signature contracts. ThoughtRiver focuses on these contracts with an aim of accelerating the process of securing a deal more faster.
A company spokesperson reportedly stated that almost all other firms in the space are just focusing on pulling data from current contracts. However, the ThoughtRiver service is witnessing as much demand from Sales teams as has been witnessed from Legal teams.
The $10 million investment comes after a year of what the company billed as substantial growth for the startup, which claims that its automated contract review software tool is now being utilized by organizations like Singtel, DB Schenker, and G4S. The company launched its service back at in 2017 and currently has over 25 customers across the world.
ThoughtRiver already has established offices in Singapore, New York, Cambridge, Auckland, and London. The company stated that the new funding would go towards its growth within the US market landscape, where it would be amplifying its sales as well as marketing efforts. Additionally, further expanding its integrations with some of the major tech partners would also be on the cards in the future.
Source credit: https://techcrunch.com/2020/09/07/thoughtriver-nabs-10m-to-speed-up-deal-making-with-ai-contract-review/?guccounter=1&guce_referrer=aHR0cHM6Ly9uZXdzLmdvb2dsZS5jb20v&guce_referrer_sig=AQAAAFp5gqHdR2vvE-VY0c4FQQ_kEWKcH0mHeQcWPqUpVyA4CBWRLU2R9lSrxBtYHR0OFi31gQH_sq90i7mw_K1Sl7fIWV-Z6SdY-dzntsLMHpc89tetwjf6__zdc0tKbO1fvC7Y7vvRR-g5iXgiiO5_TbxhLkB4uQyglMclwkC35MTo