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Incloudcounsel Announces $200 Million Series B Funding From Blackstone Growth (Bxg), Rebrands As Ontra

Oct 27, 2021•almost 4 years ago

Amount Raised

$200 Million

Round Type

series b

San Francisco

Description

InCloudCounsel, the global leader in Contract Automation and Intelligence, today announced it received $200 million in Series B funding in a round led by funds managed by Blackstone, with participation from existing investor, Battery Ventures, and board member, Mike Paulus. Blackstone’s investment was made through Blackstone Growth (BXG), the firm’s growth equity business. Paul Morrissey, a Managing Director at Blackstone, has joined the company’s board of directors as part of the transaction. Past funding includes a $40 million Series A round from Battery Ventures in July of 2019.

Company Information

Company

In Cloud Counsel

Location

San Francisco, California, United States

About

In conjunction with its funding news, the company also announced it has rebranded to Ontra—a name derived from the company’s place at the heart of contracts. Through this funding, Ontra will aim to build on its strong momentum—including significant growth in revenue, customers and headcount—and will support further investments in R&D to help the company execute its innovative and exciting technology roadmap.“We are proud to expand our partnership with the team at Ontra. In March 2021, the company launched Insight, a SaaS solution that transforms funds documents—such as Limited Partnership Agreements, Side Letters, and Managed Account Agreements—into structured data. The Ontra platform combines the best of artificial intelligence and software with a global network of talented lawyers to offer a complete and scalable solution for recurring legal workflows, such as processing routine contracts and tracking obligations in complex agreements. “We founded InCloudCounsel to modernize the way high-volume, routine contracts are processed—but that was just the beginning,” said Pospisil.

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