Legal technology is taking a major step forward as AI startup Ivo raises fifty five million dollars in its latest funding round. The Series B investment was led by Blackbird with participation from Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehouse Ventures. This round values Ivo at around three hundred fifty five million dollars and marks a significant milestone in the company’s growth.
Ivo specializes in automating contract review and analysis for enterprise legal teams. Its platform uses artificial intelligence to help companies extract insights, assess risk, and manage complex agreements more efficiently than traditional manual methods. The startup has gained notable traction with enterprise clients including Uber, Shopify, IBM, Reddit, and Canva, and has experienced sixfold revenue growth since its previous funding round.
Unlike many AI tools that rely on a single model pass, Ivo’s technology breaks down contract review into hundreds of smaller AI tasks, aiming to reduce errors and improve accuracy. The fresh capital will be used to accelerate product development, expand the sales team, and triple its workforce from the current sixty employees by the end of the year.
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