InCloudCounsel brings in $200 mln, rebrands with contracts focus – Reuters

Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid
(Reuters) – Legal technology company InCloudCounsel said on Wednesday it has raised $200 million in Series B funding and changed its name to reflect a focus on contract automation.
The round was led by funds managed by Blackstone Inc, through its growth equity business Blackstone Growth. Previous investor Battery Ventures and board member Mike Paulus, a former partner at Andreessen Horowitz, also participated.
The San Francisco-based company, which is rebranding as Ontra, markets to companies who want to streamline repetitive legal tasks using technology and a network of freelance lawyers.
Ontra said it has processed thousands of contracts and non-disclosure agreements for more than 500 customers, including Blackstone and other financial services companies such as Silver Lake, Warburg Pincus LLC, AllianceBernstein and Houlihan Lokey Inc.
Legal tech startups are increasingly using technology to tackle aspects of the contract management, review and analysis for corporate legal departments and law firms.
The company said the new round will support its efforts with automation – pairing artificial intelligence with its lawyer network for high-volume contracts – and intelligence, delving into the contracts to gain "actionable data and insights."
Ontra, founded in 2014, said it previously raised $40 million in a Series A round from Battery Ventures in July 2019.
The company hired its first general counsel earlier this year in Luke Rose, a former Kirkland & Ellis partner. Ben Levi, Ontra's co-founder and chief operating officer, also previously practiced at Kirkland.
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Sara Merken reports on privacy and data security, as well as the business of law, including legal innovation and key players in the legal services industry. Reach her at [email protected]
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