ThoughtTrace Raises $10M for Contract Analytics and the Future of Work

While tens to hundreds of millions of people are forced to work from their homes thanks to Covid-19, they must be thinking “This is the future of work.”

While working from anywhere is one of the definitions of future of work, another is allowing AI and humans to work together to maximize productivity.

Yes, AI will replace some jobs just as Microsoft Excel replaced a lot of accounting jobs. But the number of accounting jobs has steadily risen (Pre-Covid anyway, who knows about now?) and so have salaries.

Before we delve into this story, you may want to see the fun post we did titled:

8 Things Megxit, Prince Harry and Meghan Markle Teach us About Future of Work.

Now that you’re back, here are some other stories we have written about AI helping to make people more productive:

ThoughtTrace is another great solution to a pervasive problem, getting a handle large amounts of documents. It allows you to quickly locate relevant information useful in data-driven decision making and thought leadership.

The document intelligence and contract analytics software provider, announced today that it has closed a $10 million round financing led by McRock Capital, along with Chevron Technology Ventures and existing investor, Altira Group. Scott MacDonald, Co-founder & Managing Partner from McRock will join ThoughtTrace’s Board of Directors. 

Nick Vandivere, ThoughtTrace CEO

“We are extraordinarily excited to have both McRock and Chevron join the team. McRock brings a great background in the industrial space, which we see as a great fit. In the case of Chevron, they went from being a new customer in 2019 to an investor in 2020,” said Nick Vandivere, ThoughtTrace CEO. “With the new capital raise, ThoughtTrace will accelerate its investment in creating AI with unparalleled speed and accuracy, grow strategic partnerships and platform integrations, and add to its existing team of talented professionals, all of which will bring further value to the growing ThoughtTrace customer-base.”

The company’s technology is useful in numerous spaces and there are specific Industry Packs for markets such as renewables, legal, telecom, real estate and software. No doubt, a Covid-19 pack is in the works.

“As the digital strategy of industrial companies becomes even more important in the current market climate, being able to use AI software to discover critical information in thousands of unstructured text documents quickly and cost-effectively is transformational,” said Scott MacDonald, Co-founder of McRock Capital. “ThoughtTrace allows a company to expand the data analytics from a physical asset to the documentation that governs that asset such as a Power Purchase Agreement for renewable energy.”

One would imagine the complexity of document understanding makes it a natural area for AI companies to prosper yet we wrote about Atrium last year and their Future-of-work-as-a-service tailored to the legal profession and they sadly closed down a few months ago.

This obviously isn’t the case here as we can see from the glowing quotes from investors such as the one below:

ThoughtTrace is one of those rare technology companies, actually delivering value through Artificial Intelligence and truly reinventing how complex documents are managed.  This powerful platform’s ability to distill meaning and insight from complex documents has unlocked hundreds of millions of dollars of value across industrial sectors,” said Sean Ebert, Partner at Altira and ThoughtTrace Board Member.  “We’re thrilled to partner with McRock and Chevron Technology Ventures to help ThoughtTrace advance this mission, as we share similar cultures and an unabating commitment to customer success,” added J.P. Bauman, Principal at Altira and ThoughtTrace Board Member.

If you found this article interesting, we invite you to join us at the world’s only Future of Work Expo collocated with the ITEXPO #TECHSUPERSHOW, Feb 9-12, 2021 in Miami, Florida. See the video below.

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