ThoughtTrace, an AI-powered document intelligence and contract analytics software provider, closed a $10 million financing round.
McRock Capital led the round with participation from Chevron Technology Ventures and existing investor, Altira Group. As part of the investment, Scott MacDonald, Co-founder & Managing Partner of McRock, will join ThoughtTrace’s Board of Directors.
“With the new capital raise, ThoughtTrace will accelerate its investment in creating AI with unparalleled speed and accuracy, grow strategic partnerships and platform integrations, and add to its existing team of talented professionals, all of which will bring further value to the growing ThoughtTrace customer-base,” said Nick Vandivere, CEO of ThoughtTrace.
The ThoughtTrace platform identifies critical obligations in contracts exponentially faster and with greater accuracy than traditional methods. The platform reads, organizes, and surfaces data that gives users operational agility, actionable insights, and decision-making superpowers.
“As the digital strategy of industrial companies becomes even more important in the current market climate, being able to use AI software to discover critical information in thousands of unstructured text documents quickly and cost-effectively is transformational,” said Scott MacDonald, Co-founder of McRock Capital.
“ThoughtTrace allows a company to expand the data analytics from a physical asset to the documentation that governs that asset such as a Power Purchase Agreement for renewable energy.”
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