ThoughtRiver nabs $10M to speed up deal-making with AI contract review –
Summary
ThoughtRiver, a London-based legaltech startup that’s applying AI to speed up contract pre-screening, has announced a $10 million Series A round of funding led by Octopus Ventures. The Series A investment comes after twelve month’s of what it’s billed as significant growth for the 2015-founded startup, which says its automated contract review software is now being used by the likes of G4S, Singtel and DB Schenker. Other benefits the startup touts are data extraction to power contract analytics at scale — such as for due diligence or to assess the impact of regulatory change. Commenting on the funding in a statement, Akriti Dokania, early stage investor at Octopus Ventures, said: “While the legal sector has been slow to adopt AI compared to other industries, ThoughtRiver has a proven business model based on solving a fundamental issue for lawyers. By using an advanced Natural Language Processing engine to drive faster contract reviews and acceleration of deal flow and business growth, legal professionals can work more efficiently than ever.
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