We’re thrilled to share that Ontra has achieved a milestone of one million contracts processed for our customers through our Contract Automation SaaS platform. To celebrate this achievement, we are also announcing an integration of OpenAI’s GPT-4 into our Contract Automation platform.
Ontra’s Contract Automation is an end-to-end solution for negotiating a variety of key private markets’ contracts. It streamlines negotiations and collaboration for multiple document types, including non-disclosure agreements (NDAs), non-reliance letters, vendor contracts, and engagement letters — and we continue to add more document types.
The Contract Automation platform centralizes contract storage and — with the help of AI — increases firms’ visibility into their contract data through summaries and reports. With dynamic, easy-to-use reporting features, firms can unlock the data from inside their routine contracts and derive key business insights, influencing their future negotiations.
Since launching Contract Automation in 2014, the platform has helped more than a thousand global private markets firms — including 9 of the top 10 PEI-ranked investment firms and nearly 50% of the PEI 300 — negotiate key contracts across a broad range of investment strategies. Ontra’s Contract Automation is also used by dozens of prominent investment banks, and offered through partnerships with AM Law 100 firms and service providers.
Ontra Synapse, now powered by GPT-4
We’re starting the year strong by integrating OpenAI’s GPT-4 to supercharge Ontra’s Legal Operating System, which automates the most critical legal workflows for private markets firms.
Ontra originally integrated our proprietary AI into our Contract Automation platform in 2016, and we’ve now further strengthened our AI engine, Ontra Synapse, by integrating GPT-4. Now, Ontra can leverage the power of the world’s leading large language model (LLM) in addition to our proprietary machine learning (ML) models, a repository of one million key industry contracts, and a global network of independent legal professionals.
Adding GPT-4 accelerates our ability to service more document types in Contract Automation, and will power several new features to speed up contract negotiations, including:
Digital Playbooks: Our contract playbooks act as a digital source of truth for a customer’s negotiation preferences, ensuring seamless collaboration across legal and business teams with data-driven insights into market-appropriate terms.
Markup Builder: Our proprietary, AI-enabled markup tool surfaces precedent, automates redlines, offers side-by-side document comparisons, and generates suggestions at the clause level that are aligned with a customer’s playbook, substantially reducing contract turnaround times.
Automated Summaries: Our soon-to-be fully automated, AI-generated summaries of key contract provisions will be able to accommodate additional customer-specific requests.
Stay tuned for new features in 2024
The year’s only begun, and we expect to make significant strides in further integrating AI into our Legal Operating System to support, accelerate, and automate time-consuming legal workflows within the private fund lifecycle. Sign up for a demo to learn more about how our AI-powered platform can help your team gain a competitive edge in fundraising and dealmaking.