Seal Software raises $30m in growth capital and unveils global DocuSign partnership
In a huge vote of confidence in Seal Software’s technology, existing investor Toba Capital has extended its investment in the contract discovery provider by a further $3om as Seal unveils a global partnership with DocuSign, in which Seal’s software will underpin a cradle-to-grave automated platform for agreements to be prepared, signed, enacted and managed.
Seal Software, which is ranked as one of the fastest growing companies in the US by Deloitte, has grown to more than 200 employees and is experiencing growth of more than 85 percent year-on-year. It will use the investment to grow its operations and expand its business reach.
“We have believed in Seal’s massive potential since we first invested in the company more than four years ago, and we are convinced now more than ever that Seal has the right ingredients in place to become a major enterprise software player,” said Vinny Smith, founder of Toba Capital.
Seal’s partnership with DocuSign, which through its System of Agreement connects its eSignature technology to every other aspect of the agreement process, means that its tech will underpin three integrated platform extensions: DocuSign Total Search, Intelligent Insights, and Compliance Packs.
Search will enable customers to centralize their digital agreements, organize them using metadata, and search inside them using natural language terms. Insights is designed to drive ‘machine discovery’: it will use artificial intelligence and machine learning to automatically extract mission critical legal concepts like indemnification, warranty and most favored nation, among others. DocuSign Compliance Packs uses the same artificial intelligence and machine learning to extract concepts derived from key regulations, including GDPR.
The ambition is that customers will be able to easily find agreements, regardless of their origin or storage location. They can then compare sections of similar agreements to identify inconsistent contracted terms, areas of exposure, and potential revenue leakage. And they can review auto-extracted terms and concepts to ensure compliance and minimize exposure to risk.
Ulf Zetterberg (pictured), co-founder and CEO of Seal Software said: “DocuSign’s System of Agreement strategy transforms one of the foundational elements of business—the agreement process—and that aligns with our own vision for the extraction of insights from content using artificial intelligence. This partnership, coupled with our additional funding from Toba, confirms our commitment to a new era of intelligent content analytics (ICA) and expands our reach into the enterprise.” Aragon Research, a technology-focused research and advisory firm, recently identified Seal Software as a key provider in the emerging ICA market, which is forecast to grow to more than $10 billion by 2025.