AI-powered contract lifecycle management leader gains backing from Catalyst Investors, Xerox, Bottomline Technologies, DraftKings’ executives
LinkSquares, provider of the fastest and most comprehensive AI-powered contract lifecycle management and analysis tool, today announced it has raised $40 million in Series B financing led by Sorenson Capital. New investors Catalyst Investors, Xerox, Bottomline Technologies, DraftKings’ founders and key legal and compliance executives, as well as existing investors Hyperplane Venture Capital, MassMutual Ventures, First Ascent Ventures participated in the round. Sorenson Capital Partner Brady Broadbent and Bottomline Technologies (NASDAQ: EPAY) General Counsel Danielle Sheer are new appointments to the LinkSquares Board of Directors. The company has raised $61.4 million to date, and will use the financing to expand its team, advance the LinkSquares technology and develop new strategic business partnerships.
“LinkSquares has built a product unlike anything else on the market that uniquely solves the biggest immediate and long-term headaches customers face. The company has achieved phenomenal growth as a result,” said Broadbent. “The pressure on businesses to make data-driven decisions and streamline processes continues to increase, especially over the last year, and LinkSquares gives companies across all industries the tools to drive that innovation. At Sorenson, we are incredibly excited to support this groundbreaking product and team that serves forward-thinking legal, procurement, and sales departments across the country. The company’s ability to deliver immediate results and better insights is incredibly powerful.”
During the pandemic, legal departments and contract negotiators faced a critical period of upheaval and transformation. LinkSquares stepped in with expanded contract drafting capabilities and additional terms that customers could use to extract insights quickly, and as a result the company posted over 1,000% growth over the last two years, attracting hundreds of notable customers such as Fitbit, Twilio, TGI Fridays, Wayfair and Cogito.
“Legal tech was overdue for a shake-up. With its powerful AI platform, LinkSquares has emerged as an industry leader, disrupting legacy contract management solutions and sprinting far ahead of traditional end-to-end platforms,” said Sheer. “In-house legal teams today must contribute data-driven, insightful analysis to business colleagues, which requires powerful, user-friendly, next-generation tools. The LinkSquares team listens to its customers, they commit to their strategic product vision, and deliver solutions and support that have flipped the in-house lawyer’s reputation from antiquated and slow to advanced and sophisticated. As an early adopter, a long-time customer, and now a member of the Board, I am excited to help the talented LinkSquares team continue to lead innovation and disruption in the legal tech industry.”
LinkSquares combines the power of a first-of-its-kind artificial intelligence with the expertise of its top legal customers to ensure they have the fastest legal analysis and contract management. By the numbers:
- More than three million documents processed
- Over 40 million unique data points extracted to date
- Grew the bank of Smart Values that customers use to extract contract trends and patterns by 6x over the last year, providing access to more than 60 critical terms
- Launched 73 new Strategic Values tailored to specific business initiatives
Named among the 2020 Gartner Cool Vendors for Contract Lifecycle Management and Advanced Contract Analytics, LinkSquares plans to achieve its target of doubling headcount by the end of 2021 as the team helps customers understand and better mitigate risks and liabilities in minutes, not months. The expanding team will advance LinkSquares’ ongoing product development to surpass customer expectations, and the new investors will support LinkSquares distribution and partnerships into new markets. The addition of Xerox initiates LinkSquares’ technology partnership with the Xerox PARC (Palo Alto Research Center), which has been at the heart of numerous innovations such as electronic paper, laser printing, graphical user interface (GUI) and advancing very-large-scale integration (VLSI) for semiconductors.
“LinkSquares is the all-in-one platform that doesn’t make you choose between having the most advanced contract analytics and CLM capabilities,” said Paul Lucchese, vice president and general counsel for EDB and LinkSquares customer. “The power of the LinkSquares platform comes from its ability to bridge the gap between an executed contracts analytical platform and the legal request business process flow. I looked at multiple tools on the market and none of them compared to LinkSquares when it came to product innovation and customer experience. We have found a true partner in LinkSquares.”
This announcement comes on the heels of recent company news, including:
- LinkSquares Unveils AI-Powered Enhancements to Accelerate Contract Analysis for GDPR, HIPAA
- LinkSquares Announces First Enterprise End-to-End Contract Lifecycle Management Platform Powered by AI
LinkSquares CEO and Co-founder Vishal Sunak said, “Building for our customers’ needs has been the wind in our sails from day one, and these new funds paired with LinkSquares’ capital efficiency and stellar growth will help us continue to accelerate our AI-first approach to help customers do their jobs better. We had many great partnering options following our last capital raise, so I’m excited to welcome Sorenson and Catalyst to the company. They are perfectly positioned to help us with expanding distribution, partnerships and our technology.”
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