Artificial Lawyer has been following Boston-based legal AI company LinkSquares for some time – (see here and here) – and it’s great to share the news of their bagging $14.5m in a Series A funding led by Jump Capital.
More proof, if any were needed, that there is a growing appetite for doc review and analysis technology among corporates. Potential rivals in the space could include ContractPodAI and Knowable – that have a strong focus on on-going visibility of extracted contract data, as opposed to more event-driven AI review companies, which also to some extent overlap their offering.
In total the company has raised $21.4 million to date, and will use the financing to ‘expand its engineering, sales and product teams, as well as build out its solution portfolio’ they said.
Basically what they do is provide a contract management and NLP doc review capability combined. Or as the company puts it: ‘We help customers understand and better mitigate risks and liabilities in minutes, not months.’
Clients include: DraftKings, Fitbit, Twilio, Asurion, VMware and Pendo.
The AI company has had a strong focus on medium to large companies (depending on your perspective) – showing that there is considerable demand in the corporate space for this type of application beyond the global giants.
Vishal Sunak, CEO of LinkSquares, said: ‘This investment is a testament to the power of our product, incredible growth in 2019, and the innovation of our team. With LinkSquares, customers are tackling universal contract management problems that historically have kept their legal teams buried in countless manual tasks.
‘With our new and existing venture partners, I’m confident that today’s investment will enable us to help even more companies move beyond contract management struggles, and realign their priorities, processes and outcomes.’