Kira Systems, a Toronto-based artificial intelligence-enabled contract analytics software vendor, has raised $50 million in a Series A financing. The round was backed by U.S. venture capital firm Insight Venture Partners. As a result, Insight Managing Director Peter Sobiloff will join the board. Founded in 2011 by CEO Noah Waisberg and CTO Alexander Hudek, Kira’s platform leverages machine learning technology to automatically identify and extract relevant information from contracts and related documents.
TORONTO, Canada – September 5, 2018 – Kira Systems, an AI-driven contract analytics software vendor, announced today a $50M USD minority investment from Insight Venture Partners. Kira Systems’ software, Kira, leverages proprietary machine learning technology to automatically identify and extract relevant information from contracts and other related documents. Kira helps to reduce the time spent on document review by 20–90% and improve the accuracy of the review. Kira Systems’ customers include a majority of the world’s leading law firms, as well as other professional services firms and large corporations. Previously bootstrapped, this financing round is Kira Systems’ first outside fundraise.
Kira Systems’ co-founders Noah Waisberg (CEO, a former corporate lawyer) and Dr. Alexander Hudek (CTO, who holds a PhD in Computer Science with emphasis on machine learning) bring a unique combination of legal and technological expertise to the company. Kira comes with over 500 built-in machine learning models—trained to recognize and extract concepts by veteran in-house lawyers—out-of-the-box. With Quick Study, Kira’s machine learning tool, both technical and non-technical users can easily enhance Kira’s knowledge base, by teaching the software to recognize desired concepts by simply 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.
“There is vast opportunity to improve contract review, enabling previously impossible levels of insight into the details of companies’ agreements,” said Noah Waisberg, co-founder and CEO of Kira Systems. “We’re excited to raise a round that allows us to more swiftly execute on our long-term vision. We will continue to improve our software and impress our growing customer base. Insight, as a thought leader in scaling software companies, is a fantastic partner for us in this journey.”
Insight is a leading venture capital and private equity firm, based in New York City. In conjunction with the financing, Peter Sobiloff, Managing Director, will join the board. Jonathan Rosenbaum, Senior Associate at Insight, will also act as a board observer.
“Kira Systems’ performance as a bootstrapped business has been impressive, and we’re eager to partner with them to more aggressively pursue growth,” said Sobiloff. “We don’t see many pure-play AI businesses with their traction, and this success has come from the fact that Kira is fundamentally changing how contracts are reviewed. This represents an opportunity to make a meaningful impact across their core market segments.”
Kira Systems is already experiencing incredible momentum. In the past year, the company has more than doubled its team to over 100 employees and will continue to expand in Toronto and abroad. This financing round will empower Kira Systems to further develop the company’s already market-leading software, and fuel the company’s expansion, including deeper expansion into the professional services and corporate markets.
About Kira Systems
Kira Systems’ technology is the most used and trusted software for contract review and analysis, helping the world’s largest corporations and professional service firms uncover relevant information from unstructured contracts and related documents. Our powerful, patented, award-winning software excels at searching and analyzing contract text and can be deployed for due diligence, knowledge management, lease abstraction, regulatory compliance and other projects where visibility into contract provisions is critical. Using Kira Quick Study, anyone can train additional models that can accurately identify virtually any desired clause. Kira Systems’ certified service providers program and API integrations make Kira accessible to corporations and allow for Kira to be easily embedded in an enterprise’s existing system. To find out more, please visit www.kirasystems.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $23 billion under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.