26
Feb

LinkSquares raises USD$14.5 million to expedite contract management with AI

Boston – February 26 2020 – LinkSquares, provider of the fastest and most comprehensive AI-powered SaaS contract management and analysis tool, today announced it has raised $14.5 million in Series A financing led by Jump Capital. New investor First Ascent Ventures and existing investors MassMutual Ventures and Hyperplane Venture Capital also participated in the round. The company has raised $21.4 million to date, and will use the financing to expand its engineering, sales and product teams, as well as build out its solution portfolio.

“The potential for LinkSquares is huge, as in-house counsel and operational leaders begin to leverage LinkSquares to address pain points felt across the organization, from M&A to financing, sales and beyond.”

With more than half a million contracts under management, LinkSquares helps its hundreds of customers understand and better mitigate risks and liabilities in minutes, not months. With LinkSquares, customers have automatically extracted more than five million unique data points on parties, contract effectiveness date and other key legal terms. Companies such as DraftKings, Fitbit, Twilio, Asurion, VMware and Pendo rely on LinkSquares to elevate their internal value, reputation and productivity by eliminating time spent on manual and ineffective processes so they can protect their companies with confidence.

“LinkSquares is a great example of an enterprise AI use case leveraging advances in natural language processing technology to replace tedious and labor-intensive processes with elegant automation. Its world-class team developed a sophisticated AI-powered tool that is impressively accurate, fast and intuitive,” said Saurabh Sharma, partner at Jump Capital. “The potential for LinkSquares is huge, as in-house counsel and operational leaders begin to leverage LinkSquares to address pain points felt across the organization, from M&A to financing, sales and beyond.”

By capturing and analyzing every contract created and stored, from inception through a company’s evolution, LinkSquares gives legal teams and their constituents full visibility into their contract repository’s data, content and liabilities. The company’s technology gives midmarket customers a blend of proprietary quality assurance, ready-to-use artificial intelligence and powerful insights across a scalable platform to provide the fastest and most comprehensive post-signature tool on the market today.

“This investment is a testament to the power of our product, incredible growth in 2019, and the innovation of our team. With LinkSquares, customers are tackling universal contract management problems that historically have kept their legal teams buried in countless manual tasks,” said Vishal Sunak, CEO of LinkSquares. “With our new and existing venture partners, I’m confident that today’s investment will enable us to help even more companies move beyond contract management struggles, and realign their priorities, processes and outcomes.”

Katharine Tomko, Partner at First Ascent Ventures, said, “To stay competitive, enterprises are leaning on the speed of the cloud and artificial intelligence to cut through the minutiae. LinkSquares has made it easy for legal teams to simplify the contract management process and harness untapped insights locked away in scanned documents. When in-house counsel breaks free from old constraints with LinkSquares, then sales, finance and the rest of the enterprise wins.”

Nicole Ducharme, director of contract negotiations for DataRobot said, “As our company grew from hundreds to thousands of employees, our legal team needed to maintain our contract repository with having to manually rename files, manage document permissions, and other administrative tasks. There were a lot of steps in our previous contract management process, and we were looking for a system to make it as simple as possible. LinkSquares has saved us hundreds of hours by reducing the number of steps we needed to manage our contracts and giving us valuable insights. I use LinkSquares on a daily basis to search for terms and language we’ve liked, as well as easily run reports to find specific information for new projects, all within a streamlined process.”

Beau Sylvester, legal operations lead for Asurion said, “Two years ago, Asurion struggled with document management utilizing more than 25 different locations to store legal documents. After looking at numerous options, we landed on LinkSquares as the best platform for our document management solution. LinkSquares provides an AI powered cloud based solution that takes manual work out of document management. The partnership with LinkSquares has resulted in lowered risk for lost and breached documents, and better efficiency from our staff on search and retrieval of documents using cutting edge technology empowered through LinkSquares. My favorite characteristic of LinkSquares is how intuitive it is for the end user.”

Additionally, today LinkSquares announced the expansion of its Smart Values data set. LinkSquares Smart Values, such as “Termination Date” and “Auto Renewal,” are defined based on the most important commercial terms in contract management. Smart Values enable organizations to extract contract data, trends and patterns via pretrained algorithms in customized reports in approximately five minutes. With the addition of 20 new Premium Smart Values like “Payment Terms,” “Limitation of Liability,” and more, LinkSquares customers now have access to a total of 30 critical commercial terms, as well as to full clauses.

Key benefits LinkSquares offers include:

  • Powerful insights – Know what’s in your contracts without having to read them one-by-one with best-in-class AI, OCR, metadata extraction, and proprietary QA process.
  • Security – Ensure your data is always secure with enterprise-level controls built into each step of the contract management process. LinkSquares is SOC 2 Type II certified by an independent 3rd party auditor.
  • Speed – Find exactly what you’re looking for and create customized reports easily. Get started in weeks, not months with our white-glove onboarding.

About Jump Capital
Jump Capital is a thesis-led venture capital firm specializing in series A/B and growth-stage investments ranging from $2 million to $20 million. Jump focuses on data-driven software companies across the FinTech, IT and Data Infrastructure, Enterprise SaaS and Media sectors. Investing with an operating-centric approach, Jump provides advocacy and support for entrepreneurs, complemented with institutional level resources. Visit https://jumpcap.com/ for more information or follow us @jumpcapital.

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    AI STARTUP RUBIKLOUD TO BE ACQUIRED BY OTTAWA-BASED KINAXIS FOR $81.4 MILLION CAD

    OTTAWA, ON, June 15, 2020 – Kinaxis® Inc. (TSX: KXS), the authority in driving agility for fast, confident decision-making in an unpredictable world, has signed a definitive agreement to acquire Toronto-based Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries.

    Globally-recognized retailers and CPG manufacturers in the health and beauty, household and grocery segments use Rubikloud’s AI-based products today. Their offerings include demand forecasting and automation to manage and optimize trade promotions, pricing and assortment to drive product demand and dramatically improve financial results. Kinaxis will enhance RapidResponse’s demand planning capabilities with the Rubikloud offerings, anticipating initial opportunities in the company’s rapidly-growing CPG customer base and over time for other industries such as life sciences. The acquisition also offers Kinaxis a springboard into the enterprise retail industry.

    “Rubikloud has capabilities and value that we can offer our CPG customers today, leads us into the retail industry with some bellwether accounts, and adds a group of approximately 80 people to an already-impressive AI and machine learning (ML) team here at Kinaxis. Over time, this enhanced group will contribute to new and existing AI-powered capabilities across the full Kinaxis RapidResponse® platform and applications,” said John Sicard, President and CEO of Kinaxis. “This acquisition reflects the growing importance of AI and ML to power intelligent automation and augment human decision-making to better deliver on customer promises, remove waste and increase resiliency for effective risk management.”

    Rubikloud’s SaaS-based ML offerings empower retail and CPG manufacturers to transform their core operations by improving and automating complex, profit-generating decisions. Rubikloud’s proven AI capabilities and intuitive tools enable users to leverage disparate data sources to improve forecast accuracy, site-level allocations, inventory availability and promotion plans by allowing users to run boundless simulations in real time.

    “We founded Rubikloud with the belief that purpose-built AI could be used to solve some of the most complex industry problems and we have spent the last seven years building a fantastic product that receives validation from global customers every day,” said Kerry Liu, CEO, Rubikloud. “We’re excited at the prospect of joining Kinaxis, which helps us bring our innovations to a much broader customer base at a faster pace than on our own. Not only that, being two strong Canadian companies we see great cultural synergy and look forward to working on the complex problems we know RapidResponse and concurrent planning can solve for customers.”

    Terms of Agreement
    Kinaxis will acquire Rubikloud for US$60 million in an all-cash transaction that is expected to close within 60 days. Based on Rubikloud’s current revenue and expense profile, the company’s fiscal 2020 revenue and Adjusted EBITDA guidance, as reiterated in its May 6, 2020 news release, remains unchanged. The transaction is subject to customary closing conditions.

    About Kinaxis Inc. 
    Everyday volatility and uncertainty demand quick action. Kinaxis® delivers the agility to make fast, confident decisions across integrated business planning and the digital supply chain. People can plan better, live better and change the world. Trusted by innovative brands, we combine human intelligence with AI and concurrent planning to help companies plan for any future, monitor risks and opportunities and respond at the pace of change. Powered by an extensible, cloud-based platform, Kinaxis delivers industry-proven applications so everyone can know sooner, act faster and remove waste. For more Kinaxis news, follow us on LinkedIn or Twitter.