Insider Brief
- Ivo has raised $55 million in Series B funding to expand its AI-powered contract intelligence platform, positioning contracts as a core source of business insight rather than a manual legal burden.
- The round was led by Blackbird with participation from Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehouse Ventures, following a year in which Ivo reported 500% ARR growth and sharply increased adoption among Fortune 500 companies.
- The company said the new capital will fund product development and scaling as enterprises use Ivo to automate contract review, standardize legal positions, and extract business-critical insights from large contract libraries in minutes instead of months.
PRESS RELEASE — Contracting has become one of the most strained workflows for in-house teams. An increasing number of contracts must be reviewed accurately, but resources are stretched thin. In addition, critical business insights are locked within contracts without easy ways to extract them. To meet this challenge, Ivo, the AI-powered contract intelligence platform that removes tedious contract review and transforms contracts into reliable business intelligence for enterprises, is today announcing a $55M Series B funding round led by existing investor Blackbird, with participation from existing and new investors Costanoa Ventures, Uncork Capital, Fika Ventures, GD1 and Icehouse Ventures.
Since its last funding round, the company has grown annual recurring revenue by 500%, increased total customers by 134 percent, and expanded adoption within the Fortune 500 by 250 percent.
“Our goal has always been to make interacting with contracts fast, accurate, and enjoyable,” said Min-Kyu Jung, CEO and Co-founder of Ivo. “Every key relationship in a business is defined by an agreement, yet most organizations struggle to extract the insights inside them. Our focus is to give in-house teams a trustworthy solution that helps them work faster and gives them visibility into their contracts that was previously impossible.”
The new capital will support product development and scaling as the company deepens its reach across the hundreds of organizations that already rely on Ivo, including Uber, Shopify, Atlassian, Reddit, and Canva.
“Uber selected Ivo because it was intuitive to use, demonstrated a high level of accuracy, could work in multiple languages, and met its confidentiality requirements,” Kate Gardner, Senior Manager, Contract Operations at Uber, said. “Furthermore, the Ivo team was highly responsive to Uber’s needs.”
Ivo is purpose-built for in-house teams that need both reviews with surgical accuracy as well as visibility into their complete contract library. The company’s AI-powered contract review solution, Ivo Review, allows users to complete reviews in a fraction of the time; customers report saving up to 75 percent of the time that manual review would demand. The product standardizes a company’s positions and precedents using playbooks built and implemented by lawyers. This means that every contract is reviewed accurately, consistently, and efficiently, critical for large and globally distributed teams.
Carla Michel, Director Senior Counsel at CDW, noted: “CDW values its partnership with Ivo whose commitment to advancing legal technology aligns with our strategic priorities. Ivo’s Contract Review Tool and Intelligence Tool streamline contract analysis and enhance decision-making through AI-driven insights. Our collaboration continues to support the integration of AI processes into our legal workflows.”
Ivo Intelligence gives companies visibility into every single one of their agreements in seconds without having to rely on manual input or metatagging. Contracting teams can now answer business-critical questions of their contracts within minutes, rather than taking months of manual review. The system also automatically identifies connections between agreements and highlights standard legal positions, allowing contracting teams to operate with greater clarity and control.
“In-house legal teams demand products that are deeply accurate and aligned to how they work. The most sophisticated teams are incredibly selective about the tools they trust,” said James Palmer, Principal at Blackbird. “Ivo’s traction with some of the world’s best companies shows it consistently exceeds that bar. With exceptional product execution and an uncompromising quality bar, we believe Ivo is defining and leading the category.”
Ivo’s long term vision is to elevate contracts into strategic assets for every business and to make the experience of working with them effortless. As the platform expands, the company aims to bring clarity, speed, and intelligence to contracting so that teams across the enterprise can operate with greater confidence and insight.
Image credit: Ivo
