Legal artificial intelligence startup Ivo has raised $55 million in a Series B funding round as it looks to accelerate development of its legal services platform and expand its sales operations amid rising demand from corporate clients.
The funding round was led by existing investor Blackbird and valued the San Francisco–based company at approximately $355 million, according to a source familiar with the matter. New investors joining the round include Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehouse Ventures.
Investor interest in legal AI has grown as companies seek tools that automate time-consuming legal work traditionally handled by law firms. The sector has attracted significant capital, with rival legal AI startup Harvey reaching an $8 billion valuation last year.
Ivo’s platform enables businesses to accelerate contract review and extract insights from legacy agreements, helping them understand shifts in risk exposure and negotiating positions. The company’s customers include major corporations such as Uber, Shopify, IBM, Reddit, and Canva. Ivo said its revenue has increased sixfold since its previous funding round in early 2025.
Chief executive and co-founder Min-Kyu Jung said demand is increasingly shifting toward more complex legal agreements. He added that Ivo’s approach, which breaks contract reviews into hundreds of individual AI tasks, helps reduce errors linked to AI hallucinations. The company plans to use the new capital to triple its workforce to around 180 employees by the end of 2026.
