Legal teams are under increasing pressure to accelerate contract negotiations while maintaining precision and compliance. Traditional contract automation tools often compromise accuracy for speed, forcing legal departments to manually intervene and double-check AI-generated outputs. Enter Ivo, an AI-powered contract review platform that has already transformed the workflow of over 150 corporate legal teams, including those at Canva, Pipedrive, Weightwatchers, Eventbrite, and several Fortune 500 companies. Today, the company announced a $16 million Series A funding round to scale its groundbreaking solution and unveiled Ivo Search Agent, a tool that eliminates manual metadata tagging for contract search and analysis.
The funding round was led by Costanoa Ventures, with participation from Fika Ventures, Uncork Capital, NFDG, Blackbird VC, GD1, and Phase One Ventures. This brings Ivo’s total funding to $22.2 million, following early backing from Daniel Gross and a $4.8 million seed round led by Fika Ventures and Uncork Capital.
Ivo’s Breakthrough in AI-Powered Legal Review
Ivo is not just another contract automation tool. Unlike competitors that prioritize speed at the expense of legal accuracy, Ivo ensures contracts are reviewed with precision that mirrors human expertise. The platform automatically checks agreements against company-specific requirements, suggests resolutions for discrepancies, and generates naturalistic redlines that maintain consistent legal terminology.
“When I was a corporate lawyer, contract review was amongst the most manual and time-consuming tasks,” said Min-Kyu Jung, CEO and Co-founder of Ivo. “Determined to solve this problem, I left my legal career, taught myself to code, and built Ivo from the ground up. After speaking with hundreds of legal professionals, we developed a solution that legal teams can trust to deliver accurate, intelligent contract redlines.”
The impact has been immediate. Adrie Christiansen, Legal Operations Lead at Quora, reported that “Ivo reduced our average time to approve counterparty NDAs for signatures from four days to two, while first-pass turn improved from an average of 11 hours to just 5 minutes.” Similarly, Geotab’s legal team saw a 75% efficiency gain, saving 45 minutes per contract review without sacrificing accuracy.
Expanding Ivo’s Capabilities with Ivo Search Agent
As AI continues to reshape industries, Ivo is expanding its platform to solve another critical legal bottleneck: contract search and analysis. The newly launched Ivo Search Agent eliminates the need for manual metadata tagging—a major challenge in traditional contract lifecycle management (CLM) systems. With this tool, legal teams can instantly search and generate reports across their entire contract portfolio, regardless of where documents are stored, including cloud platforms like Box and SharePoint or local drives.
“Ivo is fundamentally transforming contract review for lawyers and legal teams,” said Amy Cheetham, Partner at Costanoa Ventures. “By leveraging AI to manage the meticulous, painstaking work of contract review, Ivo allows legal teams to work faster with greater accuracy. The launch of Ivo’s new search tool will significantly reduce workloads and improve efficiency.”
The Future of AI in Legal Operations
The legal industry is at the forefront of an AI-driven transformation. While many AI-powered tools still require human oversight due to inaccuracies that are associated with hallucinations. Ivo’s team of in-house lawyers ensures that its platform augments rather than replaces legal judgment. By providing legal professionals with an AI-powered “force multiplier,” Ivo enables them to scale their capabilities while maintaining the highest standards of accuracy and control.
“The legal profession is in the early stages of an AI-driven transformation,” adds Min-Kyu Jung. “We’re building Ivo to ensure this change enhances rather than diminishes the crucial role of legal judgment. Our vision is to give every legal team the power to handle enterprise-scale contract volumes while maintaining precision and control.”
Ivo: The Future of AI Contract Review
Ivo is on a mission to reduce the time, effort, and cost of contract negotiations. The company has built the world’s most accurate AI Contract Review platform, designed to help legal and business teams accelerate time-to-close while ensuring compliance and risk mitigation. By combining deep legal expertise with cutting-edge AI, Ivo is setting a new gold standard for contract review.
With this fresh round of funding, Ivo is poised to expand its platform, scale its team, and continue innovating to help legal teams work smarter, not harder. As legal operations worldwide embrace AI, Ivo is leading the charge in transforming contract management for the modern enterprise.
