AI
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Icertis raises $115M for its AI-infused enterprise contract platform
Icertis Inc., a startup using artificial intelligence and blockchain technology to simplify contract management for enterprises, today announced that it has raised $115 million in fresh funding.
The Series E investment was co-led by Greycroft and India-based PremjiInvest. They were joined by a half-dozen returning backers, including Meritech Capital Partners, which led Icertis’ previous $50 million round last year. The startup now boasts a post-money valuation of more than $1 billion.
Bellevue, Washington-based Icertis provides a platform for managing the countless contracts large enterprises send out and sign as part of day-to-day business operations. Icertis enables legal teams to organize their organizations’ agreements in a central repository together with related documents and data. Workers also have access to automation features that eliminate some of the drudgery involved in processing legal paperwork.
Several of these capabilities use AI under the hood. One feature, dubbed VisualizeAI, automatically groups similar contracts based on factors such as completion status and potential legal risks. Another tool called NegotiateAI provides suggestions on how organizations can secure better terms for agreements.
Another emerging technology that Icertis has embraced alongside AI is the blockchain. The startup provides a toolkit called Icertis Blockchain Framework as part of its platform that enables enterprises to create “smart” contracts using a distributed, cloud-based ledger.
The toolkit enables companies to set up access controls for agreements so that only authorized users may view sensitive details. Users can also create “smart clauses” that automatically trigger in response to legal or business developments, such as a change in the status of a deal.
Microsoft Corp., Google LLC and Daimler AG are some of the large enterprises that rely on Icertis’ platform to manage agreements. Across its entire installed base, the startup claims to help manage more than 5.7 million contracts with a combined value in excess of $1 trillion.
Icertis will use the new $115 million in funding to enhance its AI and blockchain capabilities, as well as step up customer acquisition activities globally. The startup has raised a total of $211 million from investors to date.
Photo: Icertis
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