Ivo, an AI-powered legal technology startup, has raised $55 million in a Series B funding round after strong revenue growth and increased use by large companies.
The funding round was led by existing investor Blackbird, with support from Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehouse Ventures.
The investment values the company at about five times more than it was nine months ago, after its yearly recurring revenue grew six times in the same period.
Ivo focuses on contract intelligence for in-house legal teams, rather than law firms, a decision co-founder and CEO Min-Kyu Jung says shapes both the product and the company’s long-term direction. “We want to serve in-house legal teams rather than law firms,” Jung said in an interview. “The problems they have are very distinct. In-house teams have one client, law firms have many, and that creates completely different dynamics for how contracts are reviewed and managed.”
Jung previously worked as a corporate lawyer in New Zealand.
He started the company in 2021 after becoming frustrated with how manual and time-consuming contract review work was.
He taught himself how to code and built the first version of the product. In 2023, he moved the company’s headquarters to San Francisco.
The company is named after Ivo of Kermantin, a 13th-century French priest and judge who is known as the patron saint of lawyers, judges, and abandoned children.
The new funding will be used to triple the team size to 60 employees by the end of the year.
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