Scaling Intelligent Automation: Why We Invested in Indico
At Jump Capital, we have been thematically focused on identifying enterprise workflows and back office functions ripe for automation and productivity gains. One such area is legal. It is no secret that the legal industry is one of the last few enterprise white spaces to experience meaningful innovation, disruption and knowledge automation. Many corporate legal teams are behind other functional units in technology adoption. Ironically, they handle one of the most tedious, labor intensive but extremely mission critical tasks – contract management.
Hence, we are very excited to announce our investment in LinkSquares – an emerging leader in enterprise contract management. LinkSquares is an artificial intelligence (AI) driven platform that automatically extracts key terms, clauses and other important information from all types of contracts and summarizes them for relevant business users, including legal, compliance, sales, and finance, in a digestible and actionable format. The platform constantly learns insights from this information and completes the flywheel by automatically surfacing these insights into the drafting process of new contracts. LinkSquares’ long term vision is to offer end-to-end contract management and will be working on future product rollouts at the backdrop of this funding.
In LinkSquares, we found a trifecta of phenomenal product market fit, significant commercial velocity and a passionate team that is hell-bent on reducing workload for legal and operations teams. Vishal and Chris started the company after experiencing a personal pain point while involved in the M&A process of their previous company. Their journey so far is a result of grit, customer obsession and team building. During our multiple customer calls, it was clear that LinkSquares stands out because the team really listens to their customers’ needs, quickly iterates on the product and constantly innovates to expand their R&D capabilities.
LinkSquares’ core product and product roadmap are a result of close collaboration with their expansive customer advisory board that includes GCs and operating leaders from high growth and tech-forward companies. Through these collaborations and hundreds of customers, LinkSquares has been able to aggregate and process millions of data points and build one of the largest out-of-the-box term and clause libraries. The data moat here is a huge advantage for continuous algorithm optimization and solving for complex NLP challenges.
We are also excited to partner with a great syndicate in this round: First Ascent – leading Canadian fund investing in Enterprise AI with a number of institutional investors including OpenText, a global leader in Enterprise Information Management, Hyperplane – AI focused early stage fund and MassMutual’s venture arm.
In an increasingly hyped AI space, LinkSquares is a great example of a pragmatic and thoughtful approach, leveraging advances in NLP for intelligent automation of labor-intensive tasks as well as optimization of enterprise workflows. Leveraging Jump Capital’s R&D infrastructure at University of Illinois Urbana-Champaign, Jump Labs, and collective resources of all investors, we look forward to partnering with LinkSquares and accelerating its growth curve.