Software:Ironclad
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| Type | Private |
|---|---|
| Industry | Technology |
| Founders | Jason Boehmig, Cai GoGwilt |
| Headquarters | San Francisco , United States |
| Products | Contract lifecycle management software |
| Website | ironcladapp |
Ironclad is a software as a service company that makes contract management software. Founded in 2014 and headquartered in San Francisco, California , Ironclad provides a platform for legal and business teams to create, store, and manage contracts online in a process known as contract lifecycle management.[1]
Product and features
Ironclad, which is delivered as a cloud software application for a subscription fee, offers the ability to create customizable workflows to generate and sign digital contracts.[2] In addition to traditional contracts, Ironclad supports clickwrap agreement tracking.[3] Ironclad also allows legal teams to use AI to automatically scan contracts to extract key legal terms and assist lawyers with contract redlining,[4][5][6] which is built using an integration with OpenAI's GPT-3 and GPT-4 large language models.[4][7] Signed contracts are then accessible in Ironclad's contract repository, with integrations to store files in cloud storage services like OneDrive, Dropbox, Box, and Google Drive.[8]
History
Ironclad was founded in 2014 by Jason Boehmig, a former attorney at Fenwick & West, and Cai GoGwilt, a former software engineer at Palantir.[9] The company participated in the summer 2015 batch of startup accelerator Y Combinator who provided the seed funding, and it launched with 200 companies already using the product in beta.[1][10][11] By 2019, Ironclad was listed as one of the top 50 largest Y Combinator companies according to valuation.[12][13]
Funding
Ironclad has received several rounds of funding since its founding. The company's Series A, led by Accel, raised $8 million in 2017.[8] The Series B funding round was led by Sequoia Capital in 2018, raising $23 million.[14] In 2019, Ironclad raised $50 million in a Series C round led by Y Combinator and joined by Emergence Capital, with participation from Accel and other investors.[2] The company raised $100 million in Series D financing in 2021, and this round was led by Mary Meeker's BOND.[15] In January of 2022, Ironclad announced that it had raised $150 million in a Series E round funded entirely by existing investors, bringing the total private valuation to $3.2 billion.[9]
References
- ↑ 1.0 1.1 Jane Croft (2022-07-22). "Why are investors pouring money into legal technology?". Financial Times. https://www.ft.com/content/b6f0796e-0265-40c6-ad4c-a900cd788c39.
- ↑ 2.0 2.1 "Ironclad raises $50M Series C round for its digital contracting platform". 2019-09-17. https://techcrunch.com/2019/09/17/ironclad-raises-50m-series-c-round-for-its-digital-contracting-platform/.
- ↑ Tom Saunders (2022-11-08). "Ambitious legal innovators help companies work faster and smarter". Financial Times. https://www.ft.com/content/5c623a79-0bb1-48cb-adb2-b11f6506b456.
- ↑ 4.0 4.1 Lyle Moran (2023-02-09). "How Ironclad uses GPT-3 to assist with contract redlining". https://www.legaldive.com/news/gpt-3-contracting-openai-ironclad-ai-assist/642429/.
- ↑ "Ironclad’s new contract platform embeds AI to improve business workflows". 2022-09-16. https://venturebeat.com/ai/ironclads-new-contract-platform-embeds-ai-to-improve-business-workflows/.
- ↑ "Enterprise, workplace, productivity: The 16 next big things, from smart contracts to a one-stop benefits card". Fast Company. https://www.fastcompany.com/90804454/enterprise-workplace-and-productivity-the-16-next-big-things-from-smart-contracts-to-a-one-stop-benefits-card.
- ↑ Nick Huber (2023-06-07). "Will AI seal the deal for commercial contracts?". Financial Times. https://www.ft.com/content/50207a1b-8285-4735-8530-5669f91a5133.
- ↑ 8.0 8.1 Barb Darrow (2017-08-02). "Exclusive: This Startup Wants to Be the Salesforce for Legal Departments". Fortune. https://fortune.com/2017/08/02/ironclad-contract-management/.
- ↑ 9.0 9.1 Sara Merken (2022-01-22). "Digital contracting 'unicorn' Ironclad raises $150 mln". Reuters. https://www.reuters.com/legal/transactional/digital-contracting-unicorn-ironclad-raises-150-mln-2022-01-18/.
- ↑ "YC-Backed Ironclad Is An Automated Legal Assistant For Companies". 2015-07-30. https://techcrunch.com/2015/07/30/yc-backed-ironclad-is-an-automated-legal-assistant-for-companies/.
- ↑ "11 startups you should know from Y Combinator's summer 2015 demo day". 2015-08-19. https://venturebeat.com/business/11-startups-you-should-know-from-y-combinators-summer-2015-demo-day/.
- ↑ "These are the top Y Combinator companies of all time, based on valuation". 2019-10-02. https://techcrunch.com/2019/10/02/these-are-the-top-y-combinator-companies-of-all-time-based-on-valuation/.
- ↑ "Top Companies by Valuation". https://www.ycombinator.com/topcompanies/valuation.
- ↑ Jordan Novet (2019-01-30). "This lawyer got a gig in Silicon Valley by promising to automate a lot of legal grunt work — now he's got his own company". CNBC. https://www.cnbc.com/2019/01/30/ironclad-raises-24-million-in-funding-round-led-by-sequoia.html.
- ↑ "Mary Meeker's VC Firm Bond Invests in Ironclad at Nearly $1 Billion Valuation". https://www.theinformation.com/articles/mary-meekers-vc-firm-bond-invests-in-ironclad-at-nearly-1-billion-valuation.
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