At the end of last year, Contractbook, the platform for end-to-end contract lifecycle management, raised € 3.5 million from a syndicate led by Google's AI-fund Gradient Ventures and the Nordic VC-fund ByFounders.
Now, the leading Scandinavian legal tech company launches major upgrades to the platform with a smart new Google-integration and a forceful move into document automation.
"Our contract management platform is a solid and future-proof foundation for us to build on. With these new upgrades, we are taking the first baby steps into a future of data-driven contract automation. With the help from our investors in Silicon Valley, we have laid out a visionary plan to become a leading software in the field. We are already looking into how we can benefit from their knowledge on machine learning and artificial intelligence," says CEO in Contractbook, Niels Martin Brochner.
The highlight is the new integration with Google that allows Contractbook users to automatically extract legal documents from their G-Suite and have them uploaded and sorted in an organizes document overview.
"While digital signature tools are common, many companies still don't have an organised overview of their legal documents. They keep their contracts in email-threads or spread across different platforms. With this new feature, they can extract their entire legacy with a few clicks and have them indexed in seconds. Such a feature will not only reduce manual work, but it will also mitigate the banal and yet common legal risk of not knowing where your contracts are," Brochner explains.
Other noteworthy automations are features that enable mass sending of contracts and mass uploading of contracts. However, this is only the beginning.
"Most of the investment goes directly into the product, as we want to help people to work smarter. Luckily, we have chosen to work in a machine-friendly and data-rich format from the beginning instead of using pdfs or docs like our competitors. That gives us a huge advantage: it is straightforward to extract data and smart technologies like AI can just be plugged and played. That is exactly why our investors chose us," Brochner elaborates.
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