Toronto, Canada-based artificial intelligence-enabled contract analytics software vendor, Kira Systems has raised $50million in Series A financing led by U.S. venture capital firm Insight Venture Partners.
In conjunction with the funding, Insight Managing Director Peter Sobiloff will join the board.
“Kira Systems’ performance as a bootstrapped business has been impressive, and we’re eager to partner with them to more aggressively pursue growth,” said Sobiloff. “We don’t see many pure-play AI businesses with their traction, and this success has come from the fact that Kira is fundamentally changing how contracts are reviewed. This represents an opportunity to make a meaningful impact across their core market segments,” he added.
Founded in 2011 by CEO Noah Waisberg and CTO Alexander Hudek, Kira’s platform leverages machine learning technology to automatically identify and extract relevant information from contracts and related documents. It comes with over 500 built-in machine learning models—trained to recognize and extract concepts by veteran in-house lawyers.
With Quick Study, its machine learning tool, both technical and non-technical users can enhance Kira’s knowledge base, by teaching the software to recognize desired concepts by highlighting relevant examples. This allows for fast implementation times and many use cases including M&A due diligence, contract management database population, internal audits, lease abstraction, and more.
“There is vast opportunity to improve contract review, enabling previously impossible levels of insight into the details of companies’ agreements,” said Noah Waisberg, co-founder and CEO of Kira Systems. “We’re excited to raise a round that allows us to more swiftly execute on our long-term vision. We will continue to improve our software and impress our growing customer base. Insight, as a thought leader in scaling software companies, is a fantastic partner for us in this journey.”
Kira’s customers include a majority of the world’s leading law firms, as well as other professional services firms and large corporations.
Kira Systems is already experiencing incredible momentum. In the past year, the company has more than doubled its team to over 100 employees and will continue to expand in Toronto and abroad. This financing round will empower Kira Systems to further develop the company’s already market-leading software, and fuel the company’s expansion, including deeper expansion into the professional services and corporate markets.