Ivo launches AI tools to transform contract analysis & insight
Ivo has announced the launch of two AI-native products designed to automate contract analysis and streamline the extraction of insights from legal agreements.
Legal teams have traditionally depended on contract lifecycle management (CLM) tools to store and manage agreements. However, extracting meaningful data from these systems often involved the manual review of large volumes of documents, with significant time and resource investment required.
The latest offering from Ivo consists of Repository and Assistant, both powered by the company's proprietary AI Repository Engine (AiRE). The tools are positioned to provide visibility into organisation-wide contract portfolios and allow users to submit plain language queries to gain immediate access to relevant contract information.
Product features
Repository enables the creation of dashboards with custom AI-populated columns, presenting key business and legal insights rapidly. According to Ivo, the platform's AI is capable of clustering related documents, such as amendments linked to master agreements, and can assess the extent to which specific agreements diverge from established standard templates.
The Assistant product offers the capability for both legal and business teams to query tens of thousands of contracts using natural language, retrieving comprehensive answers regardless of the contract file's storage location. The underlying AI can respond to detailed questions, for example, identifying all customer contracts with specific data security requirements, by understanding how each contract aligns or deviates from pre-determined standard positions.
Min-Kyu Jung, Co-founder and Chief Executive Officer of Ivo, commented on the current challenges experienced by legal teams using traditional CLMs. "CLMs were supposed to solve the problem of extracting true intelligence from contracts, but have overpromised and underdelivered. We're solving the knowledge problem. Legal teams don't need another static system of record. They need intelligence at their fingertips — contextual, instant, and deeply reliable."
The new Ivo solutions are designed to integrate directly with widely used document management systems, including Google Drive and SharePoint, as well as on-premise solutions. The Assistant will also operate with Ivo's Microsoft Word add-in to provide negotiation recommendations based on insights from previous contracts.
Market adoption and scope
Following its Series A funding round earlier this year, Ivo has been utilised by over 200 legal teams, including those at Canva, Quora, and Eventbrite. The company reports these organisations have been able to reduce contract review time by up to 75% while maintaining accuracy.
With the introduction of Repository and Assistant, Ivo identifies a move from contract review to a broader application it terms 'AI contract intelligence', stating its intention to make CLMs unnecessary without directly replacing them. The company emphasises that its platform is suitable for enterprise-scale deployments, handling extensive portfolios without manual metadata tagging or requiring bulk uploads.
"What used to take hours of combing through contracts can now happen in a single sentence. This isn't just faster. It's foundationally smarter," Jung stated, detailing the impact of this approach on business operations.
Ivo says the products have been deployed by early access customers in legal, procurement, sales, and operations sectors. The company claims that the technology enables contracts to be transformed from passive records into strategic assets capable of informing business decision-making across departmental boundaries.
Industry shift
The announcement positions Ivo within a broader industry transition, moving from software systems designed solely for record-keeping to those which support understanding and immediate action. The company cites increased contract complexity and volume as key drivers for the need for improved visibility, precision, and speed.
According to Ivo, Repository and Assistant allow for every agreement to become instantly searchable, every risk to be visible, and every contract to serve as a strategic asset for the business. The company states it is working towards building the infrastructure required for this paradigm shift in contract management and analysis.
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