Ontra (fka InCloudCounsel), a San Francisco, CA-based Contract Automation and Intelligence global leader, received $200m in Series B funding.
The round was led by funds managed by Blackstone, with participation from existing investor, Battery Ventures, and board member, Mike Paulus. Blackstone’s investment was made through Blackstone Growth (BXG), the firm’s growth equity business. Paul Morrissey, a Managing Director at Blackstone, joined InCloudCounsel’s board of directors as part of the transaction. Past funding includes a $40m Series A round from Battery Ventures in July of 2019.
The company intends to use the funds to expand operations and its business reach and become a leader in Contract Automation and Intelligence and further invest in R&D.
Led by Troy Pospisil, Founder and CEO, Ontra provides tech solutions that streamline contracts, lower legal costs, accelerate business operations, mitigate risk and free internal resources to focus on more impactful work. In March 2021, the company launched Insight, a SaaS solution that transforms funds documents—such as Limited Partnership Agreements, Side Letters, and Managed Account Agreements—into structured data. With Insight, fund managers can assign obligations to individuals or functions across their organization, track compliance with obligations in real time and build a comprehensive digital audit trail. While Insight’s initial use case is for funds documents, Ontra will soon expand Insight’s applicability to other document types and industries.
To date, Ontra has processed over 500,000 contracts and 15,000 NDAs monthly for more than 500 enterprise customers, including financial services companies like AllianceBernstein, Warburg Pincus, Houlihan Lokey, Silver Lake and Blackstone itself.
FinSMEs
28/10/2021