Ivo Secures $55M for AI Contract Review Platform

Ivo, a legal AI startup, has raised $55 million in Series B funding led by Blackbird to expand its contract intelligence platform for in-house legal teams.

The San Francisco-based company announced the funding round on Tuesday, which valued Ivo at approximately $355 million. New investors Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehouse Ventures participated alongside lead investor Blackbird.

The funding comes as demand surges for AI tools that automate contract review work for corporate legal departments. Ivo's revenue jumped sixfold since its February 2024 Series A round. The company competes in a growing market where legal AI startup Harvey reached an $8 billion valuation last year after raising $160 million.

Product Capabilities

Ivo's platform operates inside Microsoft Word, where it surfaces contract risks, suggests redlines, and speeds up negotiations. The company's contract repository converts executed agreements into searchable data. Legal teams use the system to query documents, map relationships across agreements, and track deviations from standard terms.