AI-powered contract review platform Ivo has raised $55m in a Series B funding round as demand for automation in corporate legal departments continues to accelerate, the company said on Jan. 20 in an announcement reported by Legaltechnology.com.

The round was led by Blackbird, with participation from existing and new investors including Costanoa Ventures, Uncork Capital, Fika Ventures, GD1 and Icehouse Ventures. The funding will be used to support product development and scale deployment across large enterprise customers.

Ivo positions itself as a contract review and contract intelligence platform built specifically for in-house legal teams that need both rapid review and visibility across entire contract portfolios. Its flagship product, Ivo Review, uses AI to analyze agreements against company-approved playbooks and precedents developed by lawyers.

Chief executive and co-founder Min-Kyu Jung said the company’s focus is on improving how businesses interact with contracts, which often contain critical commercial and legal insights that remain difficult to extract at scale. “Our focus is to give in-house teams a trustworthy solution that helps them work faster and gives them visibility into their contracts that was previously impossible,” Jung said.

Enterprise adoption has been a key driver of Ivo’s growth. The company counts Uber, Shopify, Atlassian, Reddit and Canva among its customers. Uber selected the platform for its usability, multilingual capability, accuracy and confidentiality controls, according to Kate Gardner, senior manager for contract operations at Uber.

Customers report time savings of up to 75% compared with manual contract review, according to the company. The platform also standardizes negotiating positions across organizations, a capability increasingly sought by legal operations teams managing high contract volumes.

Since its previous funding round in February 2025, Ivo says it has increased annual recurring revenue by 500%, grown its customer base by 134%, and expanded adoption within Fortune 500 companies by 250%. Founded in New Zealand, the company has since relocated its headquarters to San Francisco.