Contract automation platform Ontra announced Wednesday that it raised $200 million in fresh financing. The Series B for the company formerly known as InCloudCounsel was led by Blackstone. The latest round marks the company’s first raise since it closed on its Series A back in 2019.
Ontra aims to provide its clients with a quick, scalable solution for negotiating and tracking contracts. The AI-powered platform streamlines repetitive legal processes by transforming contracts into data. Ontra’s suite of contract workflow and data management tools provide legal teams with a central location to manage their obligations, analyze trends and answer questions.
Ontra has processed over 500,000 contracts and 15,000 NDAs to date, according to the company.
“By focusing our efforts on contract automation, we will continue to innovate and develop new technologies that revolutionize the way businesses manage contracts and improve the experience of lawyers working on our platform,” Troy Pospisil, founder and CEO of Ontra, said in a statement.
Ontra serves over 500 enterprise customers. The company’s client roster includes several leading financial services like Warburg Pincus, Houlihan Lokey and even Blackstone itself.
Although headquartered in San Francisco, the company’s market reach extends across North America, Europe and Asia. Following the latest raise, Ontra plans to continue growing its team, both at home and abroad. The company is now hiring for about 18 different NYC-based tech roles spanning its research and development, finance and marketing teams, to name a few, in addition to 10+ roles based out of its SF office, plus more based in LA.
Ontra has raised $240 million in venture capital financing to date, according to Crunchbase.
Existing investor Battery Ventures and board member Mike Paulus also participated in the round.
