ContractPodAi is an AI-based legal solutions service provider that specializes in contract management. They offer their services in the three aspects of contracts, namely contract generation, contract repository, and third-party review. It was founded by Sarvarth Mishra in 2012 and is one of the fastest-growing companies in the sector today. Based out of London, UK, they now work in major cities around the world and are close to a major expansion that includes building a global technology R&D center in Mumbai.
ContractPodAi – AI and Contracts
As the name suggests, the company incorporates and utilizes AI to streamline the process of contract management. This significantly reduces the burden on legal teams and helps them perform better. The integration of modern technology into the legal discipline is put to use on a massive scale, as the work the company takes up requires much workforce. Using AI, the dependence on human beings can be reduced to a large extent.
The USD55 Million Investment
The Series B funding for the company raised eyebrows as well as an astonishing USD55 Million, led by US-Based Insight Partners alongside Eagle Proprietary Investments, a Series A investor. This the most substantial amount collected for any contract lifestyle management firm in a Series B round, and the increased investments are the results of their AI-backed working style. ContractPodAi has also partnered up with IBM Watson.
The Disruption: AI and the Legal Sector
The founder and CEO of ContractPodAi, Sarvarth Mishra quoted in an interview,‘This is a truly exciting time for the legal technology sector – we are on the cusp of the legal sector’s very own industrial revolution.’ This has been because for many companies as well as law firms, more and more lawyers have grown more open to using legal technology for assistance. Since such applications take the burden away from the lawyers with regards to drafting and maintaining contracts, they are able to focus on other legal aspects of their client that requires attention.
ContractPodAi and the Future
Securing over USD50 million in a Series B funding round is unheard of in the sector, and is quite an achievement. By using AI to run its operations, the company has found a way to not only stay in the game but disrupt the whole industry. Even though it is not the first company of its kind, its unique business model and early success is the mark of a true leader.