London-headquartered contract management company ContractPodAi is now ready to strengthen its Indian presence with the latest funds infusion.
The company announced that it is expanding its technology hub in India. This came after the company raised $55 Mn in Series B funding round led by Insight Partners with participation from existing investor, Eagle Proprietary Investments.
The funds are likely to be used for business expansion. As part of this, It has also begun to build its global technology R&D centre out of Mumbai, India. The company said that the focus of the centre will be on building best in class technology innovations in the legal technology sector especially on leveraging AI technology.
Founded in 2012 by Sarvarth Misra and Robert Glennie, ContractPodAi is an end-to-end solution for all three aspects of contract management: contract generation, contract repository, and third-party review. Its technology uses AI to streamline all areas of the contract management process, massively reducing the burden on corporate in-house legal teams and transforming them to tech-enabled value centres for the wider business.
The company has offices in London, New York, San Francisco, Glasgow, and Mumbai. Its customers include large scale global corporations across all industries such as IBM Watson, Microsoft, DocuSign and SalesForce.
ContractPodAI began Indian operations in January 2018. It says that the facility in Mumbai supports research, software development, system maintenance, and contract migration services, managed by lawyers. The company expects that Mumbai operations will help it add up to 100 additional professionals to the team, by year-end.
Sarvarth Misra, cofounder and CEO of C54ontractPodAi, said, “This new investment allows us to take ContractPodAi to a much wider audience and expand our base in a country like India. Today, India is witnessing a boom in AI. Educational institutions are promoting Bachelor Degrees in Artificial Intelligence and the government is using leading technologies to create a digital map for its future. Indeed, it is an exciting time to be a part of this revolution.”
According to DataLabs by Inc42, Indian legaltech sector witnessed over $6.9 Mn funding in the period 2014-2018. India with a vast amount of data and existing inefficiencies in the legal system presents itself as a great opportunity to churn out innovation. Apart from AI and NLP, blockchain is another technology that is finding a use case in the creation of smart contracts.
Recently, Seattle and Pune-based software company Icertis raised $115 Mn in a funding round and joined the much coveted unicorn club. The company’s flagship product, Icertis Contract Management (ICM), can manage, sell-side, buy-side, and corporate enterprise contracts across the globe by leveraging the power of the cloud.
In India, ContractPodAI will be competing against the likes of SpotDraft, NearLaw, Pensieve, Practice League etc.