Legal teams are under increasing pressure to speed up contract negotiations while maintaining precision and compliance. Traditional contract automation tools often compromise accuracy for speed, forcing legal departments to manually intervene and double-check AI-generated outputs. Enter Ivo, an AI-powered contract review platform that has already transformed the workflow of over 150 corporate legal teams, including those at Canva, Pipedrive, Weightwatchers, Eventbrite, and several other Fortune 500 firms. Today, the corporate announced a $16 million Series A funding round to scale its groundbreaking solution and unveiled Ivo Search Agent, a tool that eliminates manual metadata tagging for contract search and evaluation.
The funding round was led by Costanoa Ventures, with participation from Fika Ventures, Uncork Capital, NFDG, Blackbird VC, GD1, and Phase One Ventures. This brings Ivo’s total funding to $22.2 million, following early backing from Daniel Gross and a $4.8 million seed round led by Fika Ventures and Uncork Capital.
Ivo’s Breakthrough in AI-Powered Legal Review
Ivo shouldn’t be just one other contract automation tool. Unlike competitors that prioritize speed on the expense of legal accuracy, Ivo ensures contracts are reviewed with precision that mirrors human expertise. The platform robotically checks agreements against company-specific requirements, suggests resolutions for discrepancies, and generates naturalistic redlines that maintain consistent legal terminology.
“After I was a company lawyer, contract review was amongst essentially the most manual and time-consuming tasks,” said Min-Kyu Jung, CEO and Co-founder of Ivo.
The impact has been immediate. Adrie Christiansen, Legal Operations Lead at Quora, reported that Similarly, Geotab’s legal team saw a 75% efficiency gain, saving 45 minutes per contract review without sacrificing accuracy.
Expanding Ivo’s Capabilities with Ivo Search Agent
As AI continues to reshape industries, Ivo is expanding its platform to unravel one other critical legal bottleneck: contract search and evaluation. The newly launched Ivo Search Agent eliminates the necessity for manual metadata tagging—a significant challenge in traditional contract lifecycle management (CLM) systems. With this tool, legal teams can immediately search and generate reports across their entire contract portfolio, no matter where documents are stored, including cloud platforms like Box and SharePoint or local drives.
said Amy Cheetham, Partner at Costanoa Ventures.
The Way forward for AI in Legal Operations
The legal industry is on the forefront of an AI-driven transformation. While many AI-powered tools still require human oversight on account of inaccuracies which are related to hallucinations. Ivo’s team of in-house lawyers ensures that its platform augments somewhat than replaces legal judgment. By providing legal professionals with an AI-powered “force multiplier,” Ivo enables them to scale their capabilities while maintaining the best standards of accuracy and control.
“The legal career is within the early stages of an AI-driven transformation,” adds Min-Kyu Jung.
Ivo: The Way forward for AI Contract Review
Ivo is on a mission to reduce the time, effort, and value of contract negotiations. The corporate has built the world’s most accurate AI Contract Review platform, designed to assist legal and business teams speed up time-to-close while ensuring compliance and risk mitigation. By combining deep legal expertise with cutting-edge AI, Ivo is setting a brand new gold standard for contract review.
With this fresh round of funding, Ivo is poised to expand its platform, scale its team, and proceed innovating to assist legal teams work smarter, not harder. As legal operations worldwide embrace AI, Ivo is leading the charge in transforming contract management for the fashionable enterprise.
