LinkSquares, an AI-powered contract management and analytics software for legal and finance teams, raised $14.5 million in Series A funding.
Jump Capital led the funding round with participation from First Ascent Ventures, MassMutual Ventures, and Hyperplane Venture Capital.
The company, which raised $21.4 million to date (including a $4.8 million seed funding round in March 2019), plans to use the latest funds to expand its engineering, sales, and product teams and build out its solution portfolio.
According to the company, using its contract management and analytics software, its customers (including DraftKings, Fitbit, Twilio, Asurion, VMware, and Pendo) have automatically extracted more than five million unique data points on parties, contract effectiveness date, and other key legal terms.
“LinkSquares is a great example of an enterprise AI use case leveraging advances in natural language processing technology to replace tedious and labor-intensive processes with elegant automation. Its world-class team developed a sophisticated AI-powered tool that is impressively accurate, fast, and intuitive,” said Saurabh Sharma, partner at Jump Capital.
“The potential for LinkSquares is huge, as in-house counsel and operational leaders begin to leverage LinkSquares to address pain points felt across the organization, from M&A to financing, sales, and beyond.”
LinkSquares also announced the expansion of its Smart Values data set. LinkSquares Smart Values, such as “Termination Date” and “Auto Renewal,” are defined based on the most important commercial terms in contract management. Smart Values enable organizations to extract contract data, trends, and patterns via pre-trained algorithms in customized reports in approximately five minutes. With the addition of 20 new Premium Smart Values like “Payment Terms,” “Limitation of Liability,” and more, LinkSquares customers now have access to a total of 30 critical commercial terms, as well as to full clauses.