BlackBoiler, an Arlington, Va.-based automated contract markup technology provider, secured $3.2m in funding.
Backers included a series of strategic investors including agreement cloud company DocuSign.
The company plans to use the funds to further develop the capabilities of its patented software and accelerate team growth.
Led by Dan Broderick, Co-Founder and CEO, BlackBoiler has developed patented editing technology that suggests company-specific revisions to corporate documents to automate the process of contract negotiation.
The solution can leverage data points from other AI and analytics tools to ensure high levels of accuracy while lowering risk and accelerating revenue capture for clients.
The company’s client roster includes AmLaw 25 law firms and several organizations within the Fortune 1000, including TE Connectivity, a $14 billion technology manufacturer.
In 2017, BlackBoiler received a $225,000 SBIR grant from the National Science Foundation. The company holds six patents in the U.S. and is currently pursuing additional IP protection in the U.S., Canada, and Europe.