Seal Software, a Walnut Creek, CA-based artificial intelligence software provider, received a $15M investment from DocuSign Inc. (NASDAQ: DOCU).
Led by Ulf Zetterberg, co-founder and CEO, Seal Software is a provider of contract discovery, data extraction and analytics platform. With machine learning and NLP technologies, companies can find contracts of any file type across their networks, quickly understand what risks or opportunities are hidden in their contracts and place them in a centralized repository.
The news expands the partnership formed between DocuSign and Seal Software early last year, which saw Seal’s artificial intelligence-based agreement discovery, extraction, and analytics solutions offered as a pre-integrated extension to DocuSign eSignature.
This investment follows the steps DocuSign has already taken to bring intelligence to its suite of products—including the acquisition of the IP rights of machine learning startup Appuri in December 2017; and of document indexing and text search company SpringCM in September 2018.
Seal Software currently powers two DocuSign Agreement Cloud product extensions: DocuSign Total Search and DocuSign Intelligent Insights. Together, these enable DocuSign users to find agreements, regardless of their origin or storage location. Users can then compare sections of similar agreements to identify inconsistent contract terms, areas of exposure, and potential revenue leakage. They can also review auto-extracted terms and concepts to ensure compliance and minimize exposure to risk.
FinSMEs
28/03/2019