Total amount raised
$240 Millions
Latest funding date
10/01/2021
Location
Title
Ontra has successfully raised $240 million over two funding rounds, with the latest being a Series B in October 2021. The platform leverages artificial intelligence and a global network of lawyers to offer scalable solutions for recurring legal workflows.
Keep reading to explore the intricacies of Ontra's fundraising journey and the investors backing this innovative platform.
What Is Ontra?
Ontra, founded by Troy Pospisil, Ben Levi, and Lane Lillquist, is headquartered in San Francisco. The company specializes in AI-powered contract automation and intelligence, streamlining legal workflows for private markets.
With a team of 51-200 employees, Ontra leverages artificial intelligence and a global network of lawyers to optimize legal and compliance processes. Their platform includes solutions for contract automation, obligation management, and entity management.
Since its inception, Ontra has processed over a million contracts and serves more than 800 global investment firms. The company continues to innovate, providing reliable and secure AI solutions to its clients.
How Much Funding Has Ontra Raised?
- Series B Round
- Amount Raised: $200 million
- Date: October 2021
- Lead Investors: Blackstone Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet the demand for its services and expand its automation tools for contract management.
- Previous Round
- Amount Raised: $40 million
- Date: July 2019
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial growth and development of their automation tools and services.
Ontra has raised a total of $240 million. The current valuation is not publicly disclosed.
Key Investors
- Blackstone Growth
- Details: Blackstone Growth is the growth equity business of Blackstone, a global investment firm. They focus on providing capital to fast-growing companies.
- Investment Focus Areas: Technology, Healthcare, Consumer
- Notable Investments: Bumble, Oatly, Epidemic Sound
- Battery Ventures
- Details: Battery Ventures is a venture capital firm that invests in technology and innovation. They have been backing companies since 1983.
- Investment Focus Areas: Enterprise Software, IT Infrastructure, Consumer Technology
- Notable Investments: Coupa, Nutanix, Glassdoor
- Mike Paulus
- Details: Mike Paulus is a board member of Ontra and has a background in technology investments. He previously ran and sold Assurance IQ to Prudential.
- Investment Focus Areas: Technology, Financial Services
- Notable Investments: Assurance IQ
What's Next for Ontra?
Ontra stands at the cusp of a significant opportunity, driven by the increasing demand for automated legal document processing. Leveraging AI and NLP, the company aims to enhance efficiency and accuracy in handling legal documents, positioning itself as a leader in the legal tech industry. With the backing of major investors like Blackstone Growth and Battery Ventures, Ontra is well-equipped to expand its automation tools and meet the growing needs of its clients.
Future fundraising opportunities seem promising, given the substantial financial support already secured. As Ontra continues to innovate and grow, additional funding rounds could be on the horizon to further scale its operations and technology. However, the company may face challenges such as competition from other legal tech startups and ensuring the quality of its AI-driven solutions. Navigating these hurdles will be crucial for Ontra's sustained success and potential future acquisitions.
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