Founded in 2012 by entrepreneur Sarvarth Misra, ContractPodAI is a contract lifecycle management solution provider. The company’s cloud partners with DocuSign, IBM, Salesforce and Microsoft, allowing users to create legal applications in just a few minutes. It also offers analytics, templates, guided forms and more. Earlier this year, ContractPodAI was named Legal Company of the Year at the 2021 International Business Awards.
The company’s latest funding round comes from SoftBank Vision Fund 2. The investment is the first for a legal technology company by the Vision Fund, and comes as legal tech is becoming a huge investment market. Other recent investments from the Vision Fund include Uber, DoorDash and WeWork. Despite declining to reveal its valuation, the company has already raised $170 million in total.
ContractPodAI plans to use the funding to expand its tech capabilities and international presence. Its “platformization” strategy will allow it to develop applications that solve a variety of challenges for in-house counsel. Some potential use cases include data protection compliance, litigation management and intellectual property management.
Global attention
Unlike traditional attention, global attention is a simplification of attention. It takes input from all states, instead of just those from the beginning. It may achieve better results than classic attention mechanisms. It also works better on longer sequences. It can be implemented in recurrent neural network models. Global attention can be implemented using declarative deep learning libraries, such as Keras and TensorFlow.
The key to the model is to encode the input sequence, which is then decoded into the target sequence. Global attention is useful for sequence-to-sequence prediction problems. It can be trained in parallel with an RNN model. It can also be used in a number of declarative deep learning libraries, including Keras, TensorFlow, and Theano. Its simplicity also makes it easier to implement.
In a recent paper, Luong and colleagues showed that the global attention model can be used to achieve better results on a standard machine translation task. They used a dropout and reversed input sequence, and switched from the GRU element to an LSTM. Their results were improved by 2.8 BLEU.
Platformization strategy
Founded in 2012, ContractPodAI is an AI-powered contract management company that is designed for in-house legal teams and corporations. It provides an end-to-end contract lifecycle management solution. The company’s software helps to streamline legal processes, which can help legal teams increase compliance and get more revenue. It also provides analytics, third-party review, and guided forms. Its platform consists of a no-code interface and prebuilt applications. Using ContractPodAI’s platform, legal teams can tackle a variety of legal scenarios, including intellectual property portfolio management, request-for-proposals, and claims. The company has offices in London, New York, Glasgow, Mumbai, and Toronto.
Conclusion
ContractPodAI’s technology has been recognized by independent experts and has been named a Cool Vendor by Gartner. The company was also named Legal Company of the Year by 2021 International Business Awards. The company serves large global corporations across various industries. It has had multiple enterprise-wide rollouts for Fortune 500 clients. It has been named a Visionary by the Gartner Magic Quadrant for Contract Lifecycle Management.