San Francisco-headquartered startup Ivo today (5 February) announced a $16m Series A funding round to scale its AI-powered contract review solution.
Originally founded in New Zealand in 2021, Ivo’s customers include companies like Canva, Fonterra, Pipedrive, Weightwatchers, Eventbrite, Blue Cross Blue Shield Kansas City, and several Fortune 500s.
Ivo’s platform automatically checks agreements against company requirements, generates specific suggestions for resolving discrepancies, and creates compromise language between conflicting clauses.
“Ivo reduced our average time to approve counterparty NDAs for signatures from four days to two, while first pass turn improved from an average of 11 hours to five minutes,” said Adrie Christiansen, former legal operations lead at tech knowledge platform Quora.
At telematics company Geotab, the legal team reports an average savings of 45 minutes per contract review – a 75% efficiency gain that allows their lawyers to focus on strategic work.
Ivo also today launches Ivo Search Agent, which it says eliminates the need for manual metadata tagging — a significant pain point in traditional contract lifecycle management systems. Legal teams can now search and generate reports across their entire contract portfolio, whether in cloud storage solutions like Box and SharePoint or local computers.
The Series A funding round is led by Costanoa Ventures, with participation from Fika Ventures, Uncork Capital, NFDG, Blackbird VC, GD1, and Phase One Ventures. It brings Ivo’s total funding to $22.2m, following early backing from Daniel Gross and a $4.8 million seed round led by Fika Ventures and Uncork Capital.
“The legal profession is in the early stages of an AI-driven transformation,” said CEO and co-founder Min-Kyu Jung. “We’re building Ivo to ensure this change enhances rather than diminishes the crucial role of legal judgment. Our vision is to give every legal team the power to handle enterprise-scale contract volumes while maintaining the highest standards of accuracy and control.”