SAN FRANCISCO: Ivo (formerly known as Latch), a company specializing in generative AI-powered contract review solutions, has announced a successful funding round of $4.8 million. This investment is aimed at enhancing the capabilities of legal teams, improving their efficiency and accuracy, and accelerating the delivery of business value.
The rebranding to Ivo, inspired by the patron saint of lawyers, Ivo of Kermartin, marks a new chapter in the company’s journey. Ivo boasts a prestigious clientele, including Automattic (WordPress and Tumblr), Carparts.com, Pipe, SCAN Health, and Commure, among others.
With this latest injection of capital, Ivo’s total funding has reached $6.2 million. The company plans to use the funds to expand its core team and further innovate its product offerings. The funding round was spearheaded by Uncork Capital and Fika Ventures, with continued support from previous investors such as Daniel Gross, GD1, and Phase One Ventures.
Ivo addresses a critical pain point in the legal industry: the extensive time spent on drafting and reviewing contracts. By harnessing the power of generative AI, Ivo has developed a solution that streamlines the contract review process, leading to significant time savings and efficiency gains. Geotab, a GPS fleet management company, has reported an average of 45 minutes saved per contract review, culminating in a 75% increase in overall efficiency.
Ivo has achieved the SOC 2 Type II certification, reaffirming its commitment to security and operational excellence. This certification is a testament to Ivo’s dedication to maintaining the highest standards of data protection and privacy.
As Ivo continues to evolve, it remains focused on its vision of transforming the contract review process through innovative AI solutions, setting a new standard for efficiency in the legal sector.
“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.
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