, an automated contract markup software that's used by Am Law 25 firms and several Fortune 1000 companies, announced a $3.2 million funding round on Wednesday.
Broderick walked Business Insider through the pitch deck the company used to attract its funding from investors, including DocuSign, which manages e-signatures for documents, as well as 10 attorneys that run the gamut from Am Law 50 partners to general counsel at large corporations.BlackBoiler He added that they reached the bottom-up figure of $35 billion by going to individual Global 1000 companies, asking them how many contracts they typically have and how much it costs to negotiate each contract."What happens in contracting is that these companies are given playbooks — essentially a rule set for how you're supposed to negotiate contracts with the counterparty," explained Broderick.
"When we talk to VCs about this piece right here, their eyes glaze over," he said with a laugh. "But when we talked to technologists about this piece, who've tried to solve this problem before, they're like, 'Oh my God, I can't believe you solved that.'" Broderick wrapped up with explaining how much they're asking for, and what the funding will be used for, both in the short- and long-term.
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