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Today we announced a $20 million Series B funding round led by Point72 Ventures with participation from Citi Ventures. We鈥檙e thrilled to have continued support from our existing investors, Khosla Ventures, Madrona Venture Group, and Wilson Sonsini.听
We鈥檙e even more excited about what this means for our customers.听
As Sri Chandrasekar, Managing Director at , explained: 鈥91制片厂鈥檚 investment in AI, paired with the team鈥檚 technical, product, and operations expertise, positions the company well for broader adoption and cross-departmental expansion. We're excited to support the team as they continue to innovate in the operations space.鈥
Helping every team get deals done faster
91制片厂 set out to support happy, productive, and valued legal teams鈥攂ut it鈥檚 become a lot more.听
As 91制片厂 has grown, we鈥檝e proven how award-winning AI and no-code automation can accelerate legal tasks and we鈥檝e demonstrated the value of an intuitive interface with features that all business departments need.听
Because of this, other teams besides legal have fallen in love with 91制片厂 too. Sales teams love how 91制片厂 helps them close deals in less time. Procurement loves how easy it is to manage vendor contracts. Finance loves the streamlined reporting and revenue recognition. Now we're accelerating sales cycles, vendor agreements, security reviews, RFPs, and even employment offers for departments where legal is not directly involved.听
91制片厂 acts like a workflow system for all operations teams, enabling them to get work done faster.听
In 2022, we tripled our revenue for the third year in a row by expanding our customer base to include clients from various industries鈥攊ncluding B2B, healthcare, manufacturing, and gaming. We鈥檝e seen this growth in spite of the challenges in our industry (bank runs, layoffs, overinflated valuations, etc.) because we鈥檝e continued to focus on customers, innovation, and business fundamentals.听
91制片厂 customers continuously tout our easy implementation and low change management (we even won some recent awards for it).听
Sam Lee, Director of Legal at Outreach, said that easy adoption has been huge for cross-departmental collaboration in their company: 鈥淪ales folks are doing their own due diligence first, and 91制片厂 helps them find what they're looking for. They don鈥檛 even notice there鈥檚 a new software鈥攖hey鈥檙e just in there using it.鈥澛
Continuing to create AI-driven business solutions聽
One of the big ways we鈥檙e helping every team do business faster is through our best-in-class AI solution. 91制片厂 was born at the Allen Institute for AI as an answer to the question 鈥淗ow do we take bleeding-edge innovations and bring them into products that actually help people get their jobs done?鈥
For us, AI isn鈥檛 just hype鈥攊t鈥檚 our past, our present, and our future.听
When OpenAI released davinci-003 last November, we already had a use case for 91制片厂. We鈥檇 been experimenting with GPT-3 for a year and, right away, we saw much better results. Within a few weeks, we rolled out a new plugin to our customers: AI Contract Assist.
These are the kinds of technological solutions that this round of funding will help us to provide to operations teams. Our goal is to help lawyers save 80% of their time spent redlining contracts and then continue to extend this efficiency boost to sales teams filling out RFPs, IT teams completing security questionnaires, and more.听
Kanu Gulati, partner at , said 鈥91制片厂鈥檚 team鈥s well positioned to take advantage of newer AI generative capabilities to bring greater automation across businesses.鈥
We鈥檝e made a habit of listening to customers鈥from the beginning鈥攁nd we鈥檒l continue to do so as we expand on our AI-powered contract solution and build a full-fledged operations workflow platform. At 91制片厂, culture obsession means that our customers are actively engaged with the product every day and it鈥檚 how we stay so tightly aligned with them.听
To our customers and supporters, thank you
We couldn鈥檛 let this moment in our story pass without saying a huge thank you to our customers, investors, and friends.听
To our customers, this is a celebration of you as much as it is a celebration of us. You have helped inform our product roadmap at every turn and we鈥檝e heard you, again.听
To our investors, thank you for believing in what we鈥檙e building and for supporting us at a time when every team is being asked to do more with less.听
To our friends and families, we couldn鈥檛 do this without you. Thanks for being a critical part of the team.听
Our story is just beginning, and you鈥檒l love the next chapter.听
Read the , , or sign up for your demo here.听
