CPE News (9/30/2021) – Zuva has closed a $20 million Series A round of financing led by Insight Partners. The funding round accompanies the launch of the company’s first product, DocAI.
Toronto based Zuva is a document intelligence company that uses AI to help businesses understand the details of their documents.
Zuva is a spin-out from Kira Systems that was recently acquired by Litera. Noah Waisberg, co-founder and former CEO of Kira Systems, is Zuva’s CEO, and Dr. Alexander Hudek, former co-founder and CTO of Kira Systems, now serves as a strategic advisor and board director to Zuva.
“Zuva’s underlying technology has matured over the course of 10+ years and allows software providers to focus on solving their customers’ problems, while freeing them from building complex AI engines,” said Noah Waisberg, CEO of Zuva. “With our Series A funding, we will be able to accelerate Zuva’s hiring, product development and go to market efforts.”
“We are eager to continue to partner with Noah, Alexander and the team coming over to Zuva,” said Peter Sobiloff, Managing Director at Insight Partners who will also join the board at Zuva. “This is a team with tremendous machine learning expertise. We continue to see an opportunity for the technology they have built and look forward to supporting their future growth in the corporate market.”
photo credit: Zuva
News Release
Zuva Secures $20 million Series A Led by Insight Partners
Funding to accelerate product development and commercial go to market initiatives
TORONTO, September 29, 2021 – Zuva, a document intelligence company that uses AI to help businesses understand the details of their documents, today announced the closing of a $20 million Series A funding round. Led by New York-based global private equity and venture capital firm Insight Partners, this funding round accompanies the launch of the company’s first product, DocAI.
DocAI is an API-driven platform that enables developers to implement AI features into their applications, without requiring AI development from the ground-up. It can classify documents and extract key clauses written in non-standard natural language from business contracts and documents, and comes with over 1,200 pre-trained AI models. Users can also create their own models without requiring data science or machine learning development knowledge, and leverage Zuva’s cloud platform for their hosting needs, or opt to host it on their own infrastructure on Kubernetes.
“Zuva’s underlying technology has matured over the course of 10+ years and allows software providers to focus on solving their customers’ problems, while freeing them from building complex AI engines,” said Noah Waisberg, CEO of Zuva. “With our Series A funding, we will be able to accelerate Zuva’s hiring, product development and go to market efforts.”
“We are eager to continue to partner with Noah, Alexander and the team coming over to Zuva,” said Peter Sobiloff, Managing Director at Insight Partners who will also join the board at Zuva. “This is a team with tremendous machine learning expertise. We continue to see an opportunity for the technology they have built and look forward to supporting their future growth in the corporate market.”
Zuva helps businesses make better decisions by understanding the details of their documents. The company is already experiencing strong commercial momentum with initial customers including MNTSQ, Vigilant AI and others. Each of these customers have integrated AI-powered data extraction capabilities into their solutions by leveraging DocAI’s APIs.
“Speed, scale and security are all dimensions that we look for in AI solutions. DocAI opens the door to the future for us to expand our offering into new markets.” – John Craig, CEO of Vigilant AI
Zuva is a spin-out from Kira Systems, which built a leading position in the contract analysis and AI for lawyers markets, and was recently acquired by Litera. Noah Waisberg, co-founder and former CEO of Kira Systems, is Zuva’s CEO, and Dr. Alexander Hudek, former co-founder and CTO of Kira Systems, now serves as a strategic advisor and board director to Zuva.
DocAI, is powered by the patented, award-winning machine learning technology developed over the past 10+ years at Kira Systems, enabling technical teams to build best-in-class document intelligence into their own products.
To learn more about Zuva and how it can help businesses make better decisions by understanding their key obligations and opportunities, or to request a demo, click here.
About Zuva
Zuva helps businesses make better decisions by understanding the details of their documents. Zuva’s DocAI platform provides product owners with tools that help them build AI solutions that integrate into their applications with 1200+ built in AI models out of the box and access to Zuva’s partner network for new model training. Zuva is a new company from the Co-Founder/CEO and Research Science team who developed Kira Systems’ patented, award-winning ML technology, which is trusted by a majority of the AmLaw 100 law firms to identify, extract, and analyze content in documents with unparalleled accuracy. For more information, visit www.zuva.ai and follow @zuva_ai.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised, through a series of funds, more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
Praise from DocAI Customers:
“Language barriers can be a major barrier to both the field of contract analysis work and natural language processing technology. We are confident that by partnering with Zuva, MNTSQ, which is particularly strong in Japanese language analysis technology, will be able to overcome the language barrier and accelerate the digital transformation of contract analysis work.” Ryuhei Itaya, CEO of MNTSQ
“DocAI allows us to digest unstructured documents such as emails and master service agreements in support of retail cost recovery analysis. In turn we can extract key phrases and terms needed for identifying potential cost claims by retailers, which is a $93B market in the US alone.” John Craig, CEO of Vigilant AI
“Speed, scale and security are all dimensions that we look for because if we were to apply our technology to the government or healthcare market, there are significant regulatory hurdles we will need to tackle. Multi-language is also a must for us to expand offshore. DocAI opens the door to the future for us to expand our offering into new markets.” John Craig, CEO of Vigilant AI
Media contact:
John Lute
VP Marketing at Zuva
media@zuva.ai