Ironclad (software)

Ironclad is a software as a service company that makes contract management software. Founded in 2014 and headquartered in San Francisco, California, Ironclad provides a platform for legal and business teams to create, store, and manage contracts online in a process known as contract lifecycle management.[1]

Ironclad
TypePrivate
IndustryTechnology
FoundersJason Boehmig, Cai GoGwilt
Headquarters
San Francisco
,
United States
ProductsContract lifecycle management software
Websiteironcladapp.com

Product and features

Ironclad, which is delivered as a cloud software application for a subscription fee, offers the ability to create customizable workflows to generate and sign digital contracts.[2] In addition to traditional contracts, Ironclad supports clickwrap agreement tracking.[3] Ironclad also allows legal teams to use AI to automatically scan contracts to extract key legal terms and assist lawyers with contract redlining,[4][5][6] which is built using an integration with OpenAI's GPT-3 and GPT-4 large language models.[4][7] Signed contracts are then accessible in Ironclad's contract repository, with integrations to store files in cloud storage services like OneDrive, Dropbox, Box, and Google Drive.[8]

History

Ironclad was founded in 2014 by Jason Boehmig, a former attorney at Fenwick & West, and Cai GoGwilt, a former software engineer at Palantir.[9] The company participated in the summer 2015 batch of startup accelerator Y Combinator who provided the seed funding, and it launched with 200 companies already using the product in beta.[1][10][11] By 2019, Ironclad was listed as one of the top 50 largest Y Combinator companies according to valuation.[12][13]

Funding

Ironclad has received several rounds of funding since its founding. The company's Series A, led by Accel, raised $8 million in 2017.[8] The Series B funding round was led by Sequoia Capital in 2018, raising $23 million.[14] In 2019, Ironclad raised $50 million in a Series C round led by Y Combinator and joined by Emergence Capital, with participation from Accel and other investors.[2] The company raised $100 million in Series D financing in 2021, and this round was led by Mary Meeker's BOND.[15] In January of 2022, Ironclad announced that it had raised $150 million in a Series E round funded entirely by existing investors, bringing the total private valuation to $3.2 billion.[9]

References
  1. Jane Croft (2022-07-22). "Why are investors pouring money into legal technology?". Financial Times.
  2. "Ironclad raises $50M Series C round for its digital contracting platform". TechCrunch. 2019-09-17. Archived from the original on 2023-06-03. Retrieved 2023-08-19.
  3. Tom Saunders (2022-11-08). "Ambitious legal innovators help companies work faster and smarter". Financial Times.
  4. "Ironclad's new contract platform embeds AI to improve business workflows". VentureBeat. 2022-09-16. Archived from the original on 2023-06-07. Retrieved 2023-08-19.
  5. "Enterprise, workplace, productivity: The 16 next big things, from smart contracts to a one-stop benefits card". Fast Company. Archived from the original on 2023-04-15. Retrieved 2023-08-19.
  6. Nick Huber (2023-06-07). "Will AI seal the deal for commercial contracts?". Financial Times.
  7. Barb Darrow (2017-08-02). "Exclusive: This Startup Wants to Be the Salesforce for Legal Departments". Fortune.
  8. Sara Merken (2022-01-22). "Digital contracting 'unicorn' Ironclad raises $150 mln". Reuters.
  9. "YC-Backed Ironclad Is An Automated Legal Assistant For Companies". TechCrunch. 2015-07-30. Archived from the original on 2023-02-06. Retrieved 2023-08-19.
  10. "11 startups you should know from Y Combinator's summer 2015 demo day". VentureBeat. 2015-08-19. Archived from the original on 2023-06-01. Retrieved 2023-08-19.
  11. "These are the top Y Combinator companies of all time, based on valuation". TechCrunch. 2019-10-02. Archived from the original on 2023-05-24. Retrieved 2023-08-19.
  12. "Top Companies by Valuation". Y Combinator. Archived from the original on 2023-08-19. Retrieved 2023-08-19.
  13. Jordan Novet (2019-01-30). "This lawyer got a gig in Silicon Valley by promising to automate a lot of legal grunt work — now he's got his own company". CNBC.
  14. "Mary Meeker's VC Firm Bond Invests in Ironclad at Nearly $1 Billion Valuation". The Information. Archived from the original on 2023-03-30. Retrieved 2023-08-19.
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