Ironclad (software)

Ironclad, which is delivered as a cloud software application for a subscription fee, offers the ability to create customizable workflows to generate and sign digital contracts.^[2] In addition to traditional contracts, Ironclad supports clickwrap agreement tracking.^[3] Ironclad also allows legal teams to use AI to automatically scan contracts to extract key legal terms and assist lawyers with contract redlining,^[4][5][6] which is built using an integration with OpenAI's GPT-3 and GPT-4 large language models.^[4][7] Signed contracts are then accessible in Ironclad's contract repository, with integrations to store files in cloud storage services like OneDrive, Dropbox, Box, and Google Drive.^[8]

Ironclad was founded in 2014 by Jason Boehmig, a former attorney at Fenwick & West, and Cai GoGwilt, a former software engineer at Palantir.^[9] The company participated in the summer 2015 batch of startup accelerator Y Combinator who provided the seed funding, and it launched with 200 companies already using the product in beta.^[1][10][11] By 2019, Ironclad was listed as one of the top 50 largest Y Combinator companies according to valuation.^[12][13]

Ironclad has received several rounds of funding since its founding. The company's Series A, led by Accel, raised $8 million in 2017.^[8] The Series B funding round was led by Sequoia Capital in 2018, raising $23 million.^[14] In 2019, Ironclad raised $50 million in a Series C round led by Y Combinator and joined by Emergence Capital, with participation from Accel and other investors.^[2] The company raised $100 million in Series D financing in 2021, and this round was led by Mary Meeker's BOND.^[15] In January of 2022, Ironclad announced that it had raised $150 million in a Series E round funded entirely by existing investors, bringing the total private valuation to $3.2 billion.^[9]