Latch

Ivo, the AI-driven contract review solution formerly known as Latch, has raised $4.8 million to expand its platform that automates legal workflows. Their technology analyzes agreements to extract key legal positions, generate review checklists, and insert justified comments – while maintaining strict SOC 2 security standards. This deep dive explores how Ivo's automated platform has increased contract review efficiency by 75% at GPS fleet management company Geotab, among other successful enterprise implementations.

Company History and Funding

Ivo, formerly Latch, is a generative AI-powered contract review solution that has raised $4.8 million in funding to accelerate expansion of its platform. The company was founded with the mission of streamlining contract review processes and improving business efficiency.

The technology's development has focused on several key features designed to enhance legal review workflows. AI-generated Playbooks use advanced algorithms to extract meaningful legal positions from existing templates and historical agreements, reducing the time required for custom contract creation. The platform's one-click Issues List generation capability instantly highlights critical aspects of legal agreements, while the Dynamic Checklist review feature allows users to quickly redline documents against predefined requirements with a single click. Additionally, AI-powered Comment Bubbles dynamically insert justified feedback into agreements, facilitating more effective communication with counterparties.

Ivo's technical infrastructure maintains SOC 2 Type II certification, ensuring robust security standards are met. The platform implements multiple security measures including encryption for data-at-rest and data-in-transit, restricted access controls through unique SSH keys and ID assignments, and regular security audits. These technical controls are supported by comprehensive operational policies that govern everything from hiring practices to data management procedures. The company's commitment to security extends to independent oversight mechanisms and cybersecurity insurance coverage.

Customer implementation has demonstrated significant improvements in efficiency. GPS fleet management company Geotab reported saving an average of 45 minutes per contract through Ivo's technology, achieving a 75% overall efficiency gain in their contract review process.

Product Features and Capabilities

The platform's core capabilities enable rapid contract review and collaboration. AI-generated Playbooks extract key legal positions from existing templates and historical agreements, tailored to the user's organization. This automated playbook creation significantly reduces the time required for custom contract development.

The one-click Issues List generation feature instantly highlights critical aspects of legal agreements, streamlining the review process. Dynamic Checklist review allows users to redline documents against predefined requirements with a single click, while AI-powered Comment Bubbles insert justified feedback into agreements, facilitating more efficient communication with counterparties.

The technology's technical foundation includes SOC 2 Type II certification, demonstrating commitment to security and operational excellence. Data is protected through encryption measures - service data is encrypted both at rest and in transit. Access to production infrastructure is restricted to users with unique SSH keys, and personnel are assigned unique IDs for sensitive system access. The company maintains an asset inventory reviewed annually and implements continuous monitoring solutions for internal controls.

Security governance follows a multi-layered framework, including secure development policies, business continuity plans, and independent oversight mechanisms. Cybersecurity insurance coverage minimizes financial impact from security loss events, while the hiring process includes rigorous new hire screening to ensure personnel qualifications and competency. The company maintains transparency through internal control policies and clear communication protocols for information sharing and security commitments.

Technical Infrastructure and Security

The platform maintains SOC 2 Type II certification, ensuring secure and reliable operation. Data is protected through encryption measures, with both service data and in-transit communication secured. Access to production infrastructure is restricted to authorized personnel using unique SSH keys or access keys. The company maintains an asset inventory reviewed annually and implements continuous monitoring solutions to verify internal controls.

Technical security measures include rigorous new hire screening processes to ensure employee qualifications and competency. Confidentiality is maintained through data classification policies, while service commitments and system requirements are governed by comprehensive management structures. Independent oversight mechanisms and cybersecurity insurance coverage further minimize potential financial impact from security loss events.

Customer Implementation and Results

The technology has been implemented by multiple enterprise customers including Automattic, Carparts.com, Pipe, SCAN Health, and Commure, among others. These implementations have consistently demonstrated substantial efficiency improvements in contract review processes.

Geotab, a GPS fleet management company, reported significant results following Ivo's deployment. The platform enabled the company to save an average of 45 minutes per contract, equating to a 75% overall efficiency gain in their contract review workflow. This case study highlights Ivo's ability to deliver tangible business benefits through automated contract review processes.

The company's implementation strategy focuses on seamless integration with existing workflows while providing robust security and compliance features. All Microsoft Office versions since 2013 are supported, with specific compatibility requirements detailed for different operating systems and configurations. This technical foundation allows for broad adoption across enterprise environments while maintaining consistent performance and security standards.

Security Governance and Policies

Independent oversight plays a crucial role in Ivo's governance structure, with key controls including external advisor participation on the board and an established Information Security Team tasked with cybersecurity governance. The company maintains a comprehensive organizational chart to clarify authority positions and communication lines, with performance reviews providing transparency into personnel management.

Technical security governance extends to regular asset management reviews conducted annually, while continuous monitoring solutions verify the effectiveness of internal controls. The company's security policies encompass a wide range of areas:

• Secure development follows strict requirements for software and system maintenance

• Configuration and asset management policies govern system settings for sensitive infrastructure

• Business continuity plans outline disaster recovery procedures

• An information security policy establishes baseline security standards

Data security measures implement encryption for both at-rest and in-transit data, with non-console production access restricted to unique SSH keys or access keys. Personnel are assigned unique IDs for sensitive system access, and the company maintains a detailed asset inventory that is reviewed annually. Technical controls include backup restoration tests performed annually using non-production environments to ensure data recovery capabilities.

The company's operational framework includes several key security protocols:

• An Acceptable Use Policy defines standards for hardware, electronic systems, storage media, communication tools, and internet access

• Disciplinary action procedures document consequences for policy violations

• Internal control monitoring continuously assesses system performance and security posture

Additional security measures include the procurement of cybersecurity insurance to mitigate financial risks, rigorous new hire screening processes to verify employee qualifications and experience, and confidentiality measures controlled through a data classification policy. The company maintains clear communication protocols for both internal and external stakeholders regarding security commitments and expectations, supported by a confidential reporting channel for security concerns.