The funding round, which was also listed on SyndicateRoom, an online equity investing platform, and promoted by Cambridge Capital Group, was oversubscribed within 11 days.
Founded in 2013 by Tim Pullan (pictured), ThoughtRiver has developed software that uses AI to scan and interpret information in written contracts. It produces visuals of the potential risks in an online dashboard to enable the user to make better decisions more quickly. It is also backed by Cambridge-based law firm Taylor Vinters, which has incubated the company.
As well as providing financial backing, Laurence and Findlay will be advisors to ThoughtRiver, with Laurence accepting a formal appointment as board advisor. They join investor and advisor Duncan Painter, the CEO of FTSE-250 company Ascential who led the round.
Mr Laurence said: “Drafting contracts is an everyday practice for businesses of all sizes. A big company however, can easily have more than 150,000 contracts stretching back years and, in many cases, signed by people who left the company long ago.
“As the former CEO of a $13bn public company, I've signed many large contracts and lived with the consequences of badly worded ones from the past. ThoughtRiver allows contracts old and new to be scanned in minutes and evaluated for risk and liabilities. Having reviewed ThoughtRiver's capabilities, it is clear it will be at the forefront of this market and that's why I've invested in the company.”
Designed to reduce risk and speed up contracting for senior procurement managers, general counsel and decision makers within multinationals, ThoughtRiver is attracting interest from companies spanning a broad range of sectors. Dentsu Aegis Network, a global media, digital and communications group was the first company to trial ThoughtRiver to increase automation and lower risk in its contract departments. Other clients include well-known international brands operating in the electronics, legal and financial services industries.
The money raised will be used to fuel further growth ahead of a Series A funding round later this year.
Mr Pullan commented: “We hit the market at the right time, so have developed a strong reputation, which has generated a lot of interest and direct approaches from potential clients. Over the next few months, our aim is to convert those opportunities into revenue so it’s going to be a very busy period. The funding will be key to this, helping us to accelerate sales activity and product development as well as enhance client management.
“We’re really pleased to have Guy and Michael on board as we embark on our traction stage. As a combined team with Duncan, their experience and expertise will enable us to refine our strategy and lay the foundations for our next funding round in the winter. We expect this to be the last one we will need before taking the business into its major expansion and profitability stage.”
Last year, the FT Innovative Lawyers Awards Europe recognised the ThoughtRiver and Taylor Vinters partnership and its role in developing the technology, highly commending it for Innovation in Technology and Data Analytics.
ThoughtRiver
With bases in Cambridge, London and Singapore, ThoughtRiver has developed software, which uses artificial intelligence (AI) to scan and interpret information from written contracts used in commercial risk assessments and presents it in a central online dashboard that enables clients to assess risk more easily.
It was founded in 2013 by Tim Pullan who is a regular speaker at conferences and events linked to technology and innovation. He was a partner at Taylor Vinters in Asia while the AI software was being incubated and developed.
For further information, visit: www.thoughtriver.com or follow @ThoughtRiverCI
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