ThoughtRiver builds automated contract pre-screening software that combines an ontology of contract legal logic with a natural language processing engine to generate risk assessments and suggest remediation edits. Its product targets pre-signature contracts to speed up deal velocity and is marketed to both legal and sales teams. The company launched a service at the end of 2017 and claims up to 95% time and 80% cost savings versus initial in-house lawyer reviews. ThoughtRiver also offers data extraction for contract analytics and a Microsoft Word plug-in to surface suggested legalese changes. Customers include G4S, Singtel and DB Schenker, and the company reports more than 25 customers worldwide. It has established offices in New York, Singapore, London, Cambridge and Auckland and has a strategic partnership with PwC to develop client services powered by its software. ThoughtRiver develops an AI-driven contract pre-screening and review platform anchored on its Lexible knowledge tree, which standardises commercial agreement language to reduce wasted lawyer time. The product is positioned to increase quality and efficiency for in-house legal teams and law firms by automating routine review and configuration tasks. ThoughtRiver is rolling out its pre-screening technology at G4S in partnership with Eversheds Sutherland, which provides configuration, administration and managed‑service introductions to its client base. The company cites several strong quarters, major client signings, new partnerships and key hires as recent traction. Management states its mission is to digitise the world’s contracts and it plans to use recent investment to fuel this growth. Financially, the business completed a USD$4.4M raise to support expansion.

Total raised

$14M

Funding rounds

2

Latest round

Series A

Latest activity

Sep 2020