Ironclad (software) explained

Ironclad
Logo Alt:ironclad's logo
Type:Private
Industry:Technology
Founders:Jason Boehmig, Cai GoGwilt
Hq Location City:San Francisco
Hq Location Country:United States
Products:Contract lifecycle management software

Ironclad is a software as a service company that makes contract management software. Founded in 2014 and headquartered in San Francisco, California, Ironclad provides a platform for legal and business teams to create, store, and manage contracts online in a process known as contract lifecycle management.

Product and features

Ironclad, which is delivered as a cloud software application for a subscription fee, offers the ability to create customizable workflows to generate and sign digital contracts. In addition to traditional contracts, Ironclad supports clickwrap agreement tracking.[1] Ironclad also allows legal teams to use AI to automatically scan contracts to extract key legal terms and assist lawyers with contract redlining,[2] [3] [4] which is built using an integration with OpenAI's GPT-3 and GPT-4 large language models.[2] [5] Signed contracts are then accessible in Ironclad's contract repository, with integrations to store files in cloud storage services like OneDrive, Dropbox, Box, and Google Drive.

History

Ironclad was founded in 2014 by Jason Boehmig, a former attorney at Fenwick & West, and Cai GoGwilt, a former software engineer at Palantir.[6] The company participated in the summer 2015 batch of startup accelerator Y Combinator who provided the seed funding, and it launched with 200 companies already using the product in beta.[7] [8] [9] By 2019, Ironclad was listed as one of the top 50 largest Y Combinator companies according to valuation.[10] [11]

Funding

Ironclad has received several rounds of funding since its founding. The company's Series A, led by Accel, raised $8 million in 2017.[12] The Series B funding round was led by Sequoia Capital in 2018, raising $23 million.[13] In 2019, Ironclad raised $50 million in a Series C round led by Y Combinator and joined by Emergence Capital, with participation from Accel and other investors.[14] The company raised $100 million in Series D financing in 2021, and this round was led by Mary Meeker's BOND.[15] In January of 2022, Ironclad announced that it had raised $150 million in a Series E round funded entirely by existing investors, bringing the total private valuation to $3.2 billion.[6]

Notes and References

  1. News: Ambitious legal innovators help companies work faster and smarter . Financial Times . Tom Saunders . 2022-11-08 .
  2. Web site: How Ironclad uses GPT-3 to assist with contract redlining . Lyle Moran . 2023-02-09 . Legal Dive.
  3. Web site: Ironclad’s new contract platform embeds AI to improve business workflows . 2023-08-19 . . 2022-09-16 . https://web.archive.org/web/20230607021048/https://venturebeat.com/ai/ironclads-new-contract-platform-embeds-ai-to-improve-business-workflows/ . 2023-06-07 . live.
  4. News: Enterprise, workplace, productivity: The 16 next big things, from smart contracts to a one-stop benefits card . 2023-08-19 . . https://web.archive.org/web/20230415152131/https://www.fastcompany.com/90804454/enterprise-workplace-and-productivity-the-16-next-big-things-from-smart-contracts-to-a-one-stop-benefits-card . 2023-04-15 . live.
  5. News: Will AI seal the deal for commercial contracts? . Financial Times . Nick Huber . 2023-06-07 .
  6. News: Digital contracting 'unicorn' Ironclad raises $150 mln . . Sara Merken . 2022-01-22 .
  7. News: Why are investors pouring money into legal technology? . 2022-07-22 . . Jane Croft.
  8. Web site: YC-Backed Ironclad Is An Automated Legal Assistant For Companies . 2023-08-19 . . 2015-07-30 . https://web.archive.org/web/20230206121819/https://techcrunch.com/2015/07/30/yc-backed-ironclad-is-an-automated-legal-assistant-for-companies/ . 2023-02-06 . live.
  9. Web site: 11 startups you should know from Y Combinator's summer 2015 demo day . 2023-08-19 . . 2015-08-19 . https://web.archive.org/web/20230601032046/https://venturebeat.com/business/11-startups-you-should-know-from-y-combinators-summer-2015-demo-day/ . 2023-06-01 . live.
  10. Web site: These are the top Y Combinator companies of all time, based on valuation . 2023-08-19 . TechCrunch . 2019-10-02 . https://web.archive.org/web/20230524153421/https://techcrunch.com/2019/10/02/these-are-the-top-y-combinator-companies-of-all-time-based-on-valuation/ . 2023-05-24 . live.
  11. Web site: Top Companies by Valuation . 2023-08-19 . Y Combinator . https://web.archive.org/web/20230819082015/https://www.ycombinator.com/topcompanies/valuation . 2023-08-19 . live.
  12. News: Exclusive: This Startup Wants to Be the Salesforce for Legal Departments . . 2017-08-02 . Barb Darrow .
  13. News: This lawyer got a gig in Silicon Valley by promising to automate a lot of legal grunt work — now he's got his own company . . Jordan Novet . 2019-01-30 .
  14. Web site: Ironclad raises $50M Series C round for its digital contracting platform . 2023-08-19 . TechCrunch . 2019-09-17 . https://web.archive.org/web/20230603215050/https://techcrunch.com/2019/09/17/ironclad-raises-50m-series-c-round-for-its-digital-contracting-platform/ . 2023-06-03 . live.
  15. Web site: Mary Meeker's VC Firm Bond Invests in Ironclad at Nearly $1 Billion Valuation . 2023-08-19 . . https://web.archive.org/web/20230330165202/https://www.theinformation.com/articles/mary-meekers-vc-firm-bond-invests-in-ironclad-at-nearly-1-billion-valuation . 2023-03-30 . live.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Ironclad (software)".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.