Blackbird develops AI platform for law enforcement - IVO secures $55 million in first round of funding
Artificial intelligence startup Ivo raised $55 million in a funding round, led by existing investor Blackbird, to accelerate the development of its legal services platform and add to its workforce.
The company is valued at $355 million, according to a source familiar with the matter.
Demand has increased for services that many law firms provide to large corporations, increasing investor interest in this sector.
Ivo, whose clients include Uber, Shopify, IBM, Reddit and Canva, allows businesses to speed up the contract review process. The company said its revenue has grown sixfold since its last funding round in February last year.
The AI startup also helps businesses unlock insights from legacy deals, showing how their negotiating position and risk profile have changed, said CEO Min-Kyu Jung.
However, several high-profile legal blunders involving false citations generated by artificial intelligence in recent years have exposed the dangers of relying on technology prone to hallucinations.
The San Francisco-based company plans to use the new funds to triple its current headcount of 60 people by the end of 2026.
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