-Injection of funding further helps bring smart contracts to enterprise
-Clause adds two new members to their board of directors as part of Series A Round
NEW YORK–(BUSINESS WIRE)–June 28, 2019–
Clause, a leading provider of smart contracting technology, announces the close of a $5.5 million Series A round. The funds will be used to accelerate Clause’s business development efforts, further augment its engineering teams, and nurture the broader smart contract ecosystem.
The Series A round was led by Galaxy Digital, with strategic investment from DocuSign and participation from existing investors BN Capital at Lerer Hippeau, and London-based Seedcamp. Several new investors were added to the funding round including Raptor Group, Galaxy Digital’s EOS VC Fund backed by Block.one, Nat Turner and Zach Weinberg (co-founders of Flatiron Health), Tom Gonser (founder of DocuSign), and Jonathan Summers (co-founder of Everett Capital Advisors).
As part of the Series A round, two new executives will join the Clause board of directors. The new board members include: Mike Dinsdale, CFO of cloud-based enterprise people management company Gusto, and Greg Wasserman, Co-Head of Principal Investments at Galaxy Digital.
Peter Hunn, founder and CEO of Clause said: “Documents no longer need to be merely static records of agreement but can now be a truly integrated part of enterprise technology stacks. Contracts and other documents can now be APIs. With this round we add a wealth of collective experience in disrupting enterprise contracts through digitization. We are excited to drive the next phase of market adoption.”
Greg Wasserman of Galaxy Digital noted: “Major enterprises sign millions of documents per year across many different business units. It’s extremely difficult for companies to monitor and manage all of the terms within those documents. Connecting contracts with data to automate actions and alerts is an obvious next phase in the evolution of document digitization. I’m convinced that smart clauses will become a default standard for document management in the future and am excited to partner with Clause.”
DocuSign COO Scott Olrich added: “DocuSign’s investment in Clause reflects the impact that smart clauses can have on simplifying and accelerating the overall agreement process. Earlier this year, we announced the DocuSign Agreement Cloud-a suite of products and integrations for digitally transforming how organizations prepare, sign, act on, and manage agreements. At its core, this helps companies to automate and connect their entire agreement process. The technology being pioneered by Clause is one of the fundamental drivers here, and we’re looking forward to partnering with them for the future.”
Clause is a leading provider of cloud-based smart contract technology, which enables users to add smart clauses to documents to automate business processes, workflows, and digital transactions. The technology allows documents to be integrated fully into enterprise systems, web services, and blockchains to form the backbone of automated business logic. Contracts (and other documents) empowered with smart clauses are, for the first time, capable of becoming a living part of an organization’s IT infrastructure. Clause aims to leverage their smart contract technology to unite and automate many of these often-disparate processes, ultimately reducing complexity in transaction workflows and contract management.