Kira Systems, a Toronto, Canada-based artificial intelligence-enabled contract analytics software vendor, raised $50m in Series A financing.
U.S. venture capital firm Insight Venture Partners made the minority investment. In conjunction with the funding, Insight Managing Director Peter Sobiloff will join Kira Systems’ board. Jonathan Rosenbaum, Senior Associate at Insight, will also act as a board observer.
Founded in 2011 by CEO Noah Waisberg and CTO Alexander Hudek, Kira provides a platform that leverages machine learning technology to automatically identify and extract relevant information from contracts and related documents.
The company’s software, Kira, leverages proprietary machine learning technology to automatically identify and extract relevant information from contracts and other related documents.
With Quick Study, its machine learning tool, both technical and non-technical users can enhance Kira’s knowledge base, by teaching the software to recognize desired concepts by highlighting relevant examples. This allows for fast implementation times and many use cases including M&A due diligence, contract management database population, internal audits, lease abstraction, and more.
Customers include a majority of the world’s leading law firms, as well as other professional services firms and large corporations.
The company intends to use the funds to continue to expand abroad, to further develop its software, and acclerate expansion into the professional services and corporate markets.