Seal Software
What they do: Automate how organizations find contracts and extract terms, provisions, and clauses.
Problem they solve: Organizations have no easy way to find their contracts across various repositories and files shares. It’s even more difficult to extract the critical data that is buried beneath impenetrable legalese.
Lacking automation, the traditional method of finding contracts and extracting relevant data is a manual and laborious one, which often causes major disruption to the business.
How they solve it: Seal Software automatically discovers your existing contracts and detects terms and provisions, rendering the information in a way that is easy for non-legal experts to review. It can also populate business systems with contract data.
Big50-2017 startup Seal Software automates contract discovery and use. In 2017, Seal raised new VC and locked down big-name customers. https://wp.me/p330ZZ-jS Click To TweetWith Seal’s artificial intelligence, machine learning, and natural language processing 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.
Seal works just like a search engine, in that you can ask it various questions about your contracts, and it will answer them for you. This includes information such as start dates, renewal, payment terms, liability, pricing, incentives, etc.
These insights help companies meet regulatory requirements, reduce risk, reduce procurement spend, optimize customer relationships, and improve decision making.
Headquarters: Walnut Creek, CA
CEO: Ulf Zetterberg, who previously held senior executive positions at OpenText, Legato, EMC, Kazeon, and Proact.
Year Founded: 2010
Funding: Seal has raised $35M in total funding. Their most recent funding was in March 2017, but details have not been disclosed.
Competitors include: Kira Systems, RAVN, Recommind, Brightleaf Solutions, eBrevia, Legal Robot, and Apttus.
Customers include: PwC, DocuSign, Humana, Deloitte, Apogee Legal, and the ROOM.
Why they’re in the Big 50-2017: Seal Software did well in all three phases of the Big50 competition. They have strong fundamentals (funding, leadership, market opportunity, named customers, etc.), did well in online voting, and aced the content challenge.
Seal also secured new funding in 2017 (although details were not disclosed), expanded its global footprint, and the startup locked down new on-the-record customers, including PwC and the ROOM.
