LinkSquares, the company disrupting legal ops with artificial intelligence (AI)-powered contract analytics software, today announced the completion of a $4.8 million heavily oversubscribed financing round. The round was led by Hyperplane Venture Capital and MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Company (MassMutual). The round included additional participation from a top Am Law 50 firm. As part of the financing, John Murphy of Hyperplane is joining the LinkSquares board.
The most recent financing brings LinkSquares total venture funding to $6.9 million. The company previously raised nearly $2.2 million in its first funding round in 2017, led by Regent Private Capital, a Tulsa, Oklahoma-based private equity and VC investment firm.
We are very excited about working with all our new investors for this round. Both of the co-leads share the vision and excitement around using technology to replace historically manual processes. LinkSquares is extremely passionate about helping in-house counsel, and this round of funding enables us to continue to build an incredible product experience and ultimately enable these teams to operate more efficiently in support of business operations, said Vishal Sunak, LinkSquares CEO.
John Murphy, Co-Founder and Managing Partner at Hyperplane, comments, “As intelligent tools continue to proliferate, we believe there is a huge opportunity to use AI to automate the routine, recurring processes within different functional areas of an organization. LinkSquares provides an elegant solution that allows legal professionals to automate these manual, low value tasks and focus on what’s really important.”
Founded in 2015, LinkSquares has quickly grown as a leading provider of AI-powered contract management and analytics software. Coming off a banner year in 2018, LinkSquares customers include high-growth companies such as VMware, DraftKings, Kensho, Wish.com, Asurion, and Carbonite. With the funding LinkSquares will continue to expand the team with great talent, invest in advancing AI capabilities, and focus on a customer-centric go to market strategy.
The thousands of PDF and scanned vendor and customer agreements sitting in a companys files are hiding potential revenue opportunities as well as possible legal obligations and financial liabilities. Instead of paying a first-year associate at an outside law firm to manually read through these documents, LinkSquares allows in-house counsel to manage their contractual environment with a real-time summary and graphical view of key contract terms, e.g., renewal dates, cancellation clauses, and confidentiality obligations, said Eric Emmons, Managing Director at MassMutual Ventures. We see LinkSquares AI contract management quickly becoming requisite technology for all in-house counsel teams.
Vishal Sunak concludes, It is incredible to be on the forefront of the AI industrial revolution inside of the legal market, bringing first of its kind machine learning capabilities to solving age old legal challenges.
About LinkSquares: LinkSquares is a web application designed to help legal and finance teams work smarter. The AI-powered contract repository automatically finds and extracts key terms and meta-data from contracts and provides key insights with deep search, custom reporting, and analytics. LinkSquares saves high-growth companies hundreds of hours and thousands of dollars by eliminating manual contract review and the need for outside counsel.
About Hyperplane Venture Capital: Hyperplane Venture Capital is a seed stage firm based in Boston, Massachusetts. The firm partners with exceptional founders who are harnessing machine intelligence, sensor technology, and cloud computing to design solutions at the nexus of perception, communication, and insight. Hyperplanes portfolio covers a wide array of industries including financial technologies, robotics, digital health, industrial automation, and others.
About MassMutual Ventures: MassMutual Ventures is a return-focused corporate venture capital firm investing in seed to growth stage companies. Key areas of investment focus include financial technology, cybersecurity, data analytics, digital health and enterprise software. MassMutual Ventures helps companies navigate early growth and achieve significant enterprise value over time. The firm manages US$250M across two funds: MassMutual Ventures a US$200M Boston MA based fund investing in North America, Europe and Israel and MassMutual Ventures SEA, a US$50M Singapore based fund investing across Southeast Asia.
Vishal Sunak, CEO