San Francisco-based DocuSign has invested $15 million in Seal Software, a contract discovery and analysis startup, to help with the development of artificial intelligence (AI) that can read and analyze contracts, according to reports.
The two companies have a previously existing partnership in which Seal’s technology is distributed through DocuSign’s platform extension program.
“We are thrilled by DocuSign’s confidence in Seal Software as a partner and now as a strategic investor, as we build the next generation of agreement discovery and analysis tools using artificial intelligence,” said Co-founder and CEO Ulf Zetterberg. “Working together, we will continue to unlock the full potential of all the agreements that are pervasive across every size and type of business.”
Seal’s technology works with DocuSign’s Total Search, which lets users locate and organize digital agreements with metadata, and search throughout them using natural language terms. It also helps to power DocuSign’s Intelligent Insights, which uses AI to extract important contract linchpins like warranty and indemnification.
The combined technologies could help customers pinpoint contract issues for renegotiation, which could result in cost savings, DocuSign noted.
“AI lets organizations analyze their agreements for hidden risks and opportunities in new ways,” said DocuSign Chief Product Officer Ron Hirson. “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.”
DocuSign has been investing heavily in AI and machine learning technologies recently. It acquired intellectual property rights from machine learning startup Appuri in December of 2017, and bought text search and indexing startup SpringCM last year.
Seal has shown impressive numbers since it was founded in 2010 by Zetterberg and Co-founder Kevin Gidney, recently reporting 85 percent year-over-year growth. The company also raised $30 million from Toba Capital, which brought its total amount raised to $43 million.