Ivo

Company Overview

Ivo is a developer of generative AI contracting assistant software for legal teams. The company was founded in New Zealand and is now headquartered in San Francisco, California. Ivo’s mission is to reduce the time, effort and cost spent on contracts by leveraging AI technology.

Products Overview

Ivo’s core product is an AI-powered contract review platform designed to help legal and business teams accelerate contract review processes. Key features include:

• Automated document review and redlining: Uses AI to verify if documents meet specific requirements and provides suggestions for revisions.
• Customizable checklists and clause libraries: Allows users to configure requirements and standard clauses based on company policies.
• Issues list generation: Automatically creates summaries of key issues in contracts.
• Microsoft Word, Google Docs, and PDF support: Integrates directly with common document formats.
• AI-powered summarization and querying: Can generate overviews, highlight risks, and answer questions about contracts.

The platform aims to significantly reduce contract review time while improving accuracy and consistency.

Founding Team

While specific details about the founding team are not provided, the company mentions it was founded by a former Bell Gully solicitor. The founder saw firsthand how contract review was slowing down critical business processes and decided to build a solution.

Problem and Market Fit

Ivo is addressing the problem of slow, costly, and inefficient contract review processes that can delay important business deals. The company notes that contract negotiation has been a particularly time-consuming and difficult part of the contract lifecycle, with little improvement until recent AI advances.

By leveraging generative AI technology, Ivo aims to dramatically speed up contract review while maintaining or improving accuracy. This addresses a key pain point for legal teams and businesses that rely on efficiently processing large volumes of contracts.

Business Model

Ivo appears to use a software-as-a-service (SaaS) model, providing its AI contract review platform to legal teams and businesses on a subscription basis. The company focuses on serving modern legal teams at organizations ranging from startups to large enterprises.

Funding and Runway

In April 2024, Ivo announced raising $4.8 million in funding to accelerate the expansion of its existing platform. The funding round included investors such as Uncork Capital, Fika Ventures, Daniel Gross, GD1, and Phase One Ventures.

Competitive Landscape

While specific competitors are not named, Ivo positions itself as “The Leader in AI Contract Review” and claims to offer “the world’s most accurate AI Contract Review software.” The legal tech and contract management space has seen significant activity in recent years, with various startups and established companies offering AI-powered solutions. Ivo differentiates itself through its focus on accuracy, customizability, and integration with existing workflows.

Customers

Ivo’s website lists several notable customers, including:

• Quora
• Wordpress.com
• Tumblr
• Pipe
• Carparts.com
• Scan Health Plans
• Formlabs
• Geotab
• McCollister’s

The company has case studies highlighting significant efficiency gains for customers. For example, Geotab reported saving an average of 45 minutes of review time per contract, translating to a 75% overall efficiency gain.

Relevant News

• April 4, 2024: Ivo announced a $4.8 million funding round and rebranded from its previous name, Latch.
• The company has received coverage in publications such as Yahoo Finance, The New Zealand Herald, NBR, Law360, and The Wall Street Journal.
• Ivo has obtained several security certifications, including SOC 2 Type I and II, GDPR, and CCPA compliance.

Overall, Ivo appears to be a rapidly growing player in the legal tech space, leveraging advances in AI to address longstanding inefficiencies in contract review processes. The recent funding and high-profile customers suggest strong market traction and potential for continued expansion.