Global News
Announces $30 Million in Growth Capital from Toba
Seal Software, the leading provider of content discovery and analytics solutions, today unveiled a global partnership with DocuSign in support of DocuSign’s broader System of Agreement strategy to automate and connect the entire process of how agreements are prepared, signed, enacted and managed.
Concurrent with today’s announcement, Seal Software also disclosed that it has secured a $30 million investment from Toba Capital, the company’s principal existing investor, to support its next stage of growth.
DocuSign’s cloud-based System of Agreement platform connects the leading e-signature technology, already used by more than 400,000 customers and hundreds of millions of users worldwide, to other aspects of the agreement process. As part of this, DocuSign will now distribute Seal Software technologies through its platform extensions program.
DocuSign Total Search (powered by Seal) is designed to drive ‘human discovery’: it will enable customers to centralize all of their digital agreements, organize them using metadata (structural data), and search inside them using natural language terms (unstructured data). DocuSign Intelligent Insights (powered by Seal) is designed to drive ‘machine discovery’: it will use artificial intelligence and machine learning to automatically extract mission critical legal concepts like indemnification, warranty and most favored nation, among others. DocuSign Compliance Packs (powered by Seal) use the same artificial intelligence and machine learning to extract concepts derived from key regulations, including GDPR.
These integrated platform extensions from Seal, available later this year, bring powerful new capabilities to the ‘manage’ stage of modern Systems of Agreement. Customers can instantly and easily find agreements, regardless of their origin or storage location. They can then compare sections of similar agreements to identify inconsistent contracted terms, areas of exposure, and potential revenue leakage. And they can review auto-extracted terms and concepts to ensure compliance and minimize exposure to risk.
“Our partnership with DocuSign highlights the commitment, passion and innovation that has reaffirmed Seal’s undisputed market-leader status,” said Ulf Zetterberg, co-founder and CEO of Seal Software. “DocuSign’s System of Agreement strategy transforms one of the foundational elements of business—the agreement process—and that aligns with our own vision for the extraction of insights from content using artificial intelligence. This partnership, coupled with our additional funding from Toba, confirms our commitment to a new era of intelligent content analytics (ICA) and expands our reach into the enterprise.” Aragon Research, a technology-focused research and advisory firm, recently identified Seal Software as a key provider in the emerging ICA market, which is forecast to grow to more than $10 billion by 2025.
“Seal Software’s intelligent content discovery and analysis capabilities are making the promise of AI real today,” said Mark Register, SVP business development and channels at DocuSign. “We are excited to have Seal as a platform extension partner within our System of Agreement portfolio.”
Ranked as one of the fastest growing companies in North America by Deloitte in its most recent list of the Technology Fast 500, Seal Software is considered one of the most authoritative and innovative developers of AI technologies for the enterprise.
“We have believed in Seal’s massive potential since we first invested in the company more than four years ago, and we are convinced now more than ever that Seal has the right ingredients in place to become a major enterprise software player,” said Vinny Smith, founder of Toba Capital. “With a world-class executive team, blue-chip customers and industry leading partners like DocuSign, there is no doubt that Seal will continue its impressive growth trajectory.”
With recent investments in services delivery and product development as well expansion at its worldwide headquarters in California’s Silicon Valley, Seal Software has grown to more than 200 employees and is experiencing growth of more than 85 percent year-on-year.
“It is our customers that are fueling this growth and our innovation,” said Zetterberg. “More use cases for content analytics are regularly emerging, keeping us in the vanguard of the machine learning and NLP market. Some of the largest Fortune 100 companies and many Global 2000 firms benefit every day from the Seal platform, and we are deeply humbled at the confidence shown by Toba Capital in our future.”
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