Contract automation startup Document Crunch has raised $2 million after securing business partnerships, according to an Oct. 11 news release.
The funding was led by Ironspring Ventures, a Texas-based venture firm focused on early-stage companies. It will be used to accelerate its growth following partnerships with AXA XL, an American subsidiary of insurance company Axa SA, and construction research company ELECTRI International.
Within the past two years, the company has raised $8 million, including a $4.6 million seed round led by Zacua Ventures with FifthWall, Argonautic Ventures and the GTM Fund participating. The company used that funding to grow its staff in the past year from three to 23, according to the release.
Document Crunch identifies risks in documents such as contracts, insurance policies and other documents for the construction industry. It also focuses on documents for commercial real estate and corporate governance and compliance, according to its website.
The global contract management market size is estimated to reach $6 billion by 2026, according to market research firm Research and Markets. That increase is because of an increase in artificial intelligence integration and machine learning in virtual contracting, according to Fortune Business Insights.
Document Crunch was co-founded in 2018 by its CEO Josh Levy, advisor and Quest Health Solutions CEO Adam Nadler and advisor and Peckar & Abramson partner Adam Handfinger.
Initially headquartered in South Florida, the company moved to Atlanta in August 2021, Hypepotamus reported. Levy told the startup-focused news outlet that the move was due to the city’s large construction industry and strong software talent.
It has an office space at the Spaces Perimeter building in Sandy Springs, according to its website.
In November 2021, the company was the winner of the CEMEX Ventures Construction Startup Competition in Miami.
