New Funding, Same Mission: How $200 Million Series B Funding Will Further Legal Technology
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We started this company in 2014 with a mission to free our customers and lawyer partners to focus on what’s important to them. For the past seven years, we have delivered on this mission by building the best solution to one of the most time-consuming, headache-inducing problems faced by any business or legal team—high-volume, routine contracting.
To date, we have processed over 500,000 contracts for more than 500 businesses, including many of the world’s leading financial services companies like Blackstone, AllianceBernstein, Warburg Pincus, Houlihan Lokey, and Raymond James. Our solution marries innovative AI-enhanced software with a global network of talented lawyers to deliver a comprehensive, cost-effective solution for routine contracting. We continue to invest in our software platform to increase quality and scalability, enhance lawyer efficiency, reduce contract turnaround times, and grow the value of our solution, particularly through data management and reporting tools. We have expanded our offering to serve as a complete, one-stop, global solution for high-volume, routine contracting for the largest and most demanding enterprise customers in the world. This includes scaling our operations in Europe and Asia and expanding the number of document types that we manage.
In March of 2021, we officially launched Insight our SaaS solution for managing complex corporate contracts. Insight transforms complex agreements into structured data and delivers a unique set of workflow and reporting tools that enable customers to easily manage their obligations and reference and benchmark against historical documents. Insight’s initial use case focuses on funds documents like limited partnership agreements, side letters, and managed account agreements. We are already off to a great start with a long list of happy customers, and the product is getting better every day. Later this year, we will be expanding Insight to help our customers digitize and manage even more complex contract types like operating, purchase, and credit agreements.
Today, our mission remains the same as it was when we started in 2014. We still aim to free businesses and lawyers to focus on what’s important to them. Our medium for achieving this goal has and will continue to be contracts; making contracts and the processes surrounding them more efficient, higher quality, and faster. However, the scope of how we help businesses with contracts has expanded over the years. Our solutions have expanded across the globe and across contract types—from the simple routine contracts we started with to a business’s most complex agreements. Given all of this growth and change, we have decided to change our company name to something that better represents who we are today and how we will continue to serve customers in the future. Going forward, InCloudCounsel will now be Ontra a name found at the heart of the word contracts.
While we are incredibly proud of the products we have built over the past seven years, we are even more excited about what is still to come. We still have so much more to do to further advance legal technology, which is why we are so happy to announce that we have received $200 million in Series B funding in a round led by Blackstone, the largest alternative asset manager in the world and a long-time Ontra customer. The funding comes with participation from Battery Ventures, our existing investor, and Mike Paulus, our recently appointed board member. Additionally, Paul Morrissey, a Managing Director at Blackstone Growth and two-time investor in Ontra, has joined our board of directors
Blackstone’s investment builds on our significant growth in revenue, customers and headcount by giving us the opportunity to further invest in innovation and growing our world class team. The added capital supports our focus on leading an emerging category in legal technology: Contract Automation and Intelligence. Contract Automation is the marrying of artificial intelligence and software with a global network of talented lawyers to deliver a high-quality, cost-effective, and scalable solution for negotiating and tracking contracts. Contract Intelligence is the transformation of contracts into actionable data and insights, which equips companies to make better decisions and maintain better relationships with business partners and regulators by easily referencing, tracking and reporting on their obligations, and benchmarking against and identifying trends in their contracts.
With this significant funding round now behind us, we’re excited to move forward as Ontra. As the industry evolves and our business grows, we remain focused on innovating and developing new technologies that revolutionize the way businesses manage contracts and improve the experience of lawyers working on our platform. The past seven years have been unbelievably fun, rewarding, and challenging. Thank you to everyone that helped get us to where we are today—our customers, lawyer partners, team, and investors.
Please join us for our Executive Perspective on November 16 to learn how Contract Automation and Intelligence can make your contract processes more efficient, so you can focus more of your time on impactful, engaging work.
Contracts are the heart of your business, and we’re here to ensure you never miss a beat. Onward to helping businesses with all of the contracts!
Troy, Ben, and Lane