Paperflip, a San Francisco, CA-based AI-based contract analytics platform, raised $1m in seed funding.
The round was led by Norwest Venture Partners, with participation from Social Capital.
The company will use the funds to expand operations and its business reach.
Founded by David Wong and Tim Cederman-Haysom, Paperflip gives companies a single contract repository, with automated data and clause extraction. Fully integrated with Salesforce, sales teams can use the deal terms and customer obligations tracked in Salesforce fields, while the legal team gets automated key term tracking.
With Paperflip, companies can run analysis across all their contracts wherever they are already stored.
Available now on Salesforce AppExchange, the tool is focused on supporting integrations with other applications where companies already store their documents. Starting with CRMs, document signing, and cloud storage, the company will also soon integrate with HRIS and procurement systems.
Customers include LaunchDarkly, Alooma, and Iterable.