DocuSign, a provider of a fast, easy and secure electronic signature and digital transaction management services, has backed USD 15 million in Artificial Intelligence contract discovery and analytics software provider Seal Software. With this move, the agreement noted that Seal’s technologies are reportedly distributed through DocuSign’s platform extensions program. They underlie DocuSign’s Total Search service that enables customers to centralize and organize digital agreements using metadata and search inside them using natural language terms, and DocuSign’s Intelligent Insights, which taps AI algorithms to automatically extract mission-critical legal concepts like indemnification and warranty.
The latest investment by DocuSign follows its purchase of intellectual property rights from Machine Learning startup Appuri back in December 2017, as well as its acquisition of text search and document indexing startup SpringCM in September 2018. Moreover, the move comes after Bay Area-based Seal, received USD30 million from Toba Capital that brings its total valuation to USD43 million. Founded in 2010 by Kevin Gidney and Ulf Zetterberg, Seal Software recently reported that its growth increasing over 85 percent year-on-year. Ahead of this latest investment, DocuSign chief product officer Ron Hirson stated that AI lets organizations analyze their agreements for hidden risks and opportunities in new ways. As we have continued to invest in adding intelligence to our suite of products, this investment in Seal’s discovery and analytics is just another step in making our Agreement Cloud offering smarter.
Seated in San Francisco, California, DocuSign helps businesses connect and automate how they prepare, sign, act on, and manage agreements. Since 2003, the company has received more than USD500 million, and as of February, it had recorded 450,000 customers and hundreds of millions of users in more than 180 countries.