ThoughtTrace, a Houston-based Document Intelligence and Contract Analytics software provider, closed a $10m financing.
The round was led by McRock Capital, with participation from Chevron Technology Ventures and existing investor Altira Group. In conjunction with the funding, Scott MacDonald, Co-founder & Managing Partner from McRock, will join ThoughtTrace’s Board of Directors.
The company intends to use the funds to accelerate its investment in creating AI with speed and accuracy, grow strategic partnerships and platform integrations, and add to its existing team of talented professionals.
Led by Nick Vandivere, CEO, ThoughtTrace provides an AI-powered Document Intelligence platform that enables organizations to read, organize, and surface information in contracts and documents. Since the 2017 initial product release serving the domestic energy sector, the company has seen growth year-over-year through expanding energy offerings as well as moving into new vertical markets. Today, the technology is trained by subject-matter-experts to serve a wide array of industries including manufacturing, real estate, technology, legal, finance, telecommunications, oil and gas, and renewable energy.