ContractPodAi, an AI-powered contract lifecycle management (CLM) platform, has announced a USD $115 million Series C investment headed by SoftBank Vision Fund 2. This latest round saw ContractPodAi’s valuation increase 5x from its previous Series B round in 2019.
As part of the transaction, Ayush Jain of SoftBank Investment Advisers will join the ContractPodAi Board. Proceeds from the round will go towards further accelerating ContractPodAi’s platform capabilities and expanding its market presence internationally, leveraging SoftBank’s networks to capture new opportunities in the APAC region. This funding round also marks Vision Fund 2’s first investment in legal technology.
“Despite the inexorable digitization of the workplace, legal processes have largely resisted disruption,” said Ayush Jain, investor for SoftBank Investment Advisers. “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 modularized, one platform approach extends way beyond existing Contract Lifecycle Management to capture a vast array of legal use cases across multiple jurisdictions.”
“We are just scratching the surface of what we can do,” said Sarvarth Misra, Co-Founder and CEO of ContractPodAi. “The market is asking for a legal platform, a technology infrastructure that supports in-house legal teams like CRM does for sales teams or fintech for finance. With the backing of Insight Partners, Eagle Proprietary Investments, and now SoftBank Vision Fund 2, we are ready to win the market by driving digital transformation for our customers with our One Legal Platform approach.”
Existing investor, Eagle Proprietary Investments (Eagle), also doubled down on their previous investments from ContractPodAi’s Series A and Series B rounds. Deval Dvivedi, Head of International for Eagle and ContractPodAi Board member said, “ContractPodAi has seen a wonderful journey from the time of its Series A funding and we are excited to continue supporting its growth story.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.