Avokaado, a legal tech startup based in Estonia, which revolutionizes the way documents and contracts are created and managed, has closed a funding round of €1.2 million, led by Tera Ventures. The company is also on track to release its newest AI-ready upgrade to transform contracts from formatted text to self-executing sets of valuable data.
The cornerstone of Avokaado's latest innovation comprises a cutting-edge document format called aDoc, combining clauses, metadata, workflows, and lifecycle management into a unified document structure. Through aDoc, contracts become intelligent entities capable of automating processes, tracking changes, and adapting to various scenarios.
By incorporating aDoc into the AI-ready upgrade, the company empowers organizations to take contract management to an entirely new level of efficiency, accuracy, and security. Contracts are no longer confined to static text but become living documents that respond to changing conditions, trigger actions, and seamlessly integrate with other systems.
Andrus Oks, the founding partner of Tera Ventures, commented: “Avokaado's innovative approach to business operations automation and its commitment to transforming the legal tech landscape align perfectly with Tera Ventures' vision of supporting groundbreaking solutions that redefine industries. The company’s readiness to embrace current AI capabilities, coupled with its innovative approach leveraging aDoc’s structured and dynamic nature, promises a transformative shift in how organizations are managed and operated.”
With a fast-growing user base of over 20,000, Avokaado's contracting and document automation software is already being embraced by businesses worldwide, regardless of the industry. The company’s clients are located in the Baltics, Nordics, and the US, and include major telecoms, retail, hospitality, and finance enterprises such as BITĖ Group, TV3 Group, Httpool, Radisson, Tele2, Veriff, Coolbet, Starship, Ramirent, and more.
“Avokaado is one of the solutions we use to contribute to the sustainability goals of Bitė. Avokaado has made our company’s life incomparably easier in the B2B customer segment and improved the process of concluding contracts. The solution not only helps our customers, partners, and society to operate more efficiently, but also helps to fulfill the environmental sustainability goals,” commented Bitė lawyer Migle Poderytė.
With a growing user base of people that includes operations managers, sales and legal professionals, contract managers, and business executives, Avokaado has become a trusted ally in the realm of contract management and automation, with a focus on strict GDPR compliance. The latest funding round will further fuel the company's expansion, growth initiatives, and product and aDoc development advancement.
“In an era of rapid technological progress, where AI and automation set the pace, we are ideally positioned to embrace this transformative wave. Just as Estonia's agile approach positions it as a leader in digital transformation, Avokaado is primed to be at the forefront of this change, propelling us into an exciting future. Tera VC is the perfect catalyst to lead the way,” said Mariana Hagström, the founder and CEO of Avokaado commented.
“Central to our ethos is the profound belief that legal operations are not standalone functions but integral components of broader business processes. This perspective has been the cornerstone of our development approach, with a strong emphasis on data and business process automation as foundational principles,” Hagström added.
Copyright © 2023 Legal IT Professionals. All Rights Reserved.