The Contract Network, an Atlanta, Georgia-based AI-powered contract collaboration platform, raised $8 million in seed funding.
The round was led by Tusk Venture Partners, with participation from Andrew Sieja (Founder of Relativity), The Legal Tech Fund, Mayo Clinic, Toba Capital, and GC&H Investments, an investment fund associated with Cooley LLP.
The company's platform is designed to accelerate the contract negotiation process by using artificial intelligence (AI) to enhance collaboration and increase efficiency.
Launched earlier this year, The Contract Network’s platform parses out contracts into their individual clauses, turning agreements into “data from the first draft,” and uses generative AI to provide context and market insights for each change and redline.
“The real price of outdated contracting isn’t just about professional fees from the endless back and forth process,” began Jim Wagner, Co-Founder and CEO of The Contract Network. “More importantly, it’s the potential innovation and economic opportunities that slip away with each delayed deal.”
Company: The Contract Network, Inc.
Round: Seed Round
Funding Month: August 2023
Lead Investors: Tusk Venture Partners
Additional Investors: Andrew Sieja, The Legal Tech Fund, Mayo Clinic, Toba Capital, GC&H Investments
Company Website: https://thecontractnetwork.com/
Software Category: AI-powered Contract Collaboration Platform
About the Company: The Contract Network is a legal technology company that has built an AI-powered collaborative contracting platform. The Contract Network works to foster transparency and better outcomes by providing all parties an agreement with a first-class and neutral platform to accelerate their negotiations and collaboratively manage their contract compliance radically.