Paperflip announced today its public launch of its AI-based contract analytics platform, as well as its seed funding round of $1m, led by Norwest Venture Partners, with participation from Social Capital.
Founded by David Wong and Tim Cederman-Haysom, Paperflip gives companies a single contract repository, with automated data and clause extraction. Fully integrated with Salesforce, sales teams can trust the deal terms and customer obligations tracked in Salesforce fields, while the legal team gets automated key term tracking.
“We invested in Paperflip because we believe Tim and David have the opportunity to tackle a huge market with a unique approach to contract analytics,” said Sean Jacobsohn, partner at Norwest Venture Partners. “They bring a great combination of customer focus, technical depth, and prior experience in building and scaling products.”
With Paperflip, companies can run analysis across all their contracts wherever they are already stored. “Paperflip can automatically find all your signed contracts in Salesforce, and other cloud storage, which previously was a manual process,” says Paperflip’s CTO, David Wong. “We also automate the discovery of non-standard or omitted clauses, rather than requiring a team to manually review every contract. Most of the companies we’ve spoken with keep all their sales contracts in Salesforce, and yet existing contract analytics solutions require you to use a separate platform, rather than fitting with your existing sales workflow.”
Customers include LaunchDarkly, Alooma, and Iterable. “We needed to increase the speed and accuracy of importing contracts and product information into Salesforce, especially for our legacy accounts,” writes Thi Nguyen. “Paperflip allows us to extract existing contract information and provides accuracy to new contracts for a seamless closing process.”
Paperflip differentiates itself in two ways. First, the tool is focused on supporting integrations with other applications where companies already store their documents. Starting with CRMs, document signing, and cloud storage, Paperflip will also soon integrate with HRIS and procurement systems.
Secondly, companies have stated they want 100% accuracy of data extraction, and they also don’t want a black box solution, both of which are issues with existing ML and AI solutions. Paperflip can achieve near 100% accuracy, while allowing customers to build trust in the system through its learning and correction system.