Kira Systems score $50m in minority investment from Insight Venture

Kira Systems, an AI-powered contract analytics solution, has scored $50m through a minority investment from Insight Venture Partners.

Prior to this investment the company was bootstrapped. As part of the transaction, Insight Venture Partners managing director Peter Sobiloff will join Kira’s board as an observer.

Kira uses machine learning technology to automatically identify and extract key information from contracts and other documents. Its services are used for finance, compliance, audits, accounting compliance, due diligence, lease abstraction and project management, and other areas.

The platform offers lenders, agents, and borrowers with machine learning tools to access loan terms on current and historical transactions. There are 150 credit agreement models and 40 commitment letter provision models.

Over the past year, the company has doubled the size of its team to over 100 employees, and expend its operations across Toronto and internationally.

With this new line of funding the company will look to develop its software and fuel its expansion across the professional services and corporate markets.

Insight Venture Partners managing director Peter Sobiloff said, “Kira Systems’ performance as a bootstrapped business has been impressive, and we’re eager to partner with them to more aggressively pursue growth.

“We don’t see many pure-play AI businesses with their traction, and this success has come from the fact that Kira is fundamentally changing how contracts are reviewed. This represents an opportunity to make a meaningful impact across their core market segments.”

Earlier in the year, Insight Venture held the $6.3bn final close for its 10th flagship fund, nearly double the capital of its predecessor fund which closed on $3.29bn.

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