LinkSquares, a Boston-based provider of AI-powered legal contract analytics, 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.
The round brings the company's total venture funding to $21.4 million to date.
LinkSquares co-founder and CEO Vishal Sunak told BostInno that the proceeds of this round will be directed towards strengthening the company's R&D team to make its AI-powered contract management tool more powerful.
LinkSquares' software uses natural language processing to read and extract metadata from contracts. These automated extracted values, called "smart values," are pieces of data in executed agreements including effective dates, automatic renewal and liabilities. Examples of these contracts include agreements with vendors, businesses and employees plus a variety of documents like work orders and invoices.
This year, the LinkSquares team will focus on expanding and enhancing the library of terms extracted from contracts.
Founded in 2014, the startup counts companies like DraftKings, Fitbit, Twilio and VMWare among its clients. Sunak noted that LinkSquares had a role to play in VMWare's acquisition of CloudHealth, as both companies use the software for contract analysis. The startup works with general counsels, legal teams or CFOs at companies.
"With LinkSquares, customers are tackling universal contract management problems that historically have kept their legal teams buried in countless manual tasks,” Sunak said in a statement.
LinkSquares operates out of its Downtown Crossing office on Lincoln Street with a total headcount of 65. It aims to grow the team to 100 full-time employees by the end of the year by hiring data scientists, full-stack developers and machine learning specialists.
Alluding to the projects in the pipeline, Sunak said, "Stay tuned for more product-related announcements, coming soon."
