Ivo

Ivo (formerly known as Latch) is an artificial intelligence (AI) powered legal contracting solution that leverages generative AI to streamline and enhance the contract review process for legal teams and organizations. It aims to increase efficiency, accuracy, and consistency in negotiating positions while accelerating the delivery of business value. Ivo's platform utilizes advanced AI algorithms and natural language processing capabilities to automate various aspects of contract review, such as generating legal playbooks, creating comprehensive issues lists, redlining documents based on checklists, and inserting AI-powered comment bubbles for justifying redlines.

Ivo's technology helps legal professionals save significant time and effort by automating tedious tasks like tracking contractual obligations, extracting key information, and identifying potential issues. For instance, GPS fleet management company Geotab reported saving an average of 45 minutes per contract review, translating to a 75% overall efficiency gain. The company claims that lawyers typically spend between 40-60% of their time drafting and reviewing contracts, highlighting the value of Ivo's solution in streamlining these processes.

In April 2024, Ivo secured USD 4.8 million in a seed funding round led by Uncork Capital and Fika Ventures, along with additional investments from existing investors like Daniel Gross, GD1, and Phase One Ventures. This funding round brought Ivo's total funding to USD 6.2 million and will be utilized to expand the company's core team and drive further innovation within its product offering. As part of its commitment to security and operational excellence, Ivo has also obtained the SOC two Type II certification.