Overview
- The round was led by Blackbird with Costanoa Ventures, Uncork Capital, Fika Ventures, GD1 and Icehouse Ventures participating, and a source said it values Ivo at about $355 million.
- Ivo will accelerate product development, expand enterprise sales, hire aggressively to roughly triple its 60-person team by the end of 2026, and open offices in New York and London.
- Since its previous raise in February last year, the company says annual recurring revenue grew roughly 6x, total customers increased 134%, and Fortune 500 adoption rose 250%.
- The platform targets in-house legal teams and uses a multi-step pipeline with more than 400 model calls per contract review to produce outputs that are evaluated for accuracy and auditable by lawyers.
- Enterprise customers include Uber, Shopify, IBM, Reddit, Canva, Atlassian, Pinterest, Quora and BILL.com, and users report cutting manual contract review time by up to 75%.