Ivo Secures $16M Series A for AI Contract Review Solutions

Ivo, an AI-powered contract review platform, has secured $16 million in Series A funding to enhance its services for corporate legal teams, bringing its total funding to $22.2 million. The platform has already benefited over 150 clients, including major companies like Canva and Weightwatchers, by significantly reducing the time required for contract reviews. Unlike other automation tools, Ivo's sophisticated AI generates naturalistic redlines, maintaining consistency and accuracy in legal language. The funding round was led by Costanoa Ventures and aims to capitalize on the growing demand for AI tools in the legal sector, where many teams still rely on traditional methods. CEO Min-Kyu Jung emphasized the importance of maintaining legal judgment in the face of increasing automation. Ivo's advancements could help bridge the gap in a market where a majority of legal teams have yet to adopt AI solutions.