London based legaltech start-up, ThoughtRiver, which uses Artificial Intelligence to speed up contract pre-screening has announced on 7th September, 2020, that it has secured USD 10M series A in a funding round. The round was led by Octopus Ventures with participation of seed investors including Syndicate Room, Loca Globe, Crane Entrée Capital and investor Duncan Painter.
This UK based start-up is one of the leading startups who are adopting artificial intelligence in order to automate the work that would otherwise be done by legal professionals with the purpose of boosting up operational efficiency. Other competitors in the same domain include LawGeex, Systems and Luminance. However the company argues that they are different as they are focusing on pre-signature contracts with the purpose of making securing of a deal quicker. The company said, “Almost all others are just employed to pull data from existing contracts. ThoughtRiver is as much in demand by Sales teams as it is by Legal,” a spokesman told us.
This series A investment is followed by a previous investment raised around 12 months ago. ThoughtRiver claims that its automated contract review software is getting utilized by Singtel, G4S and DB Schenker. They launched a service back in 2017 and now they have more than 25 clients around the world in their customers list.
The company also boasts of inking a collaboration with some renowned professional services firms such as PwC — which will see the latter developing a service for its clients powered by ThoughtRiver’s software, according to their statement.
ThoughtRiver has offices in London, New York, Auckland, Singapore and Cambridge. The company claims to utilize the latest investment for further growth in the US market by strengthening their efforts in sales and marketing domain and expanding collaboration with tech giant partners.
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