Ivo

About the application Ivo

Ivo, formerly known as Latch, is a revolutionary AI tool that specializes in contract review. It offers a unique blend of efficiency and customization, allowing users to review agreements against their requirements and insert accurate AI-generated redline and comments directly into their Microsoft Word document.

Background and Development

Ivo was born out of a $4.8M funding round and has since rebranded and relaunched with a renewed focus on AI contract review. The tool is trusted by modern legal teams across various industries, including Quora, Wordpress.com, Tumblr, Pipe, Carparts.com, and Scan Health Plans.

Core Features and Capabilities

Ivo offers a range of features designed to streamline the contract review process. These include the Ivo Checklist, which reviews agreements against custom requirements and generates intelligent, accurate redline suggestions. Ivo also supports Microsoft Word, Google Docs, and PDF documents, and can identify issues with agreements, generate issues lists, create summaries, and spot unused defined terms.

User Experience

Ivo is designed to live inside your Microsoft Word environment as an add-in, offering a seamless user experience. It adapts to your company's unique legal language and guidelines to deliver customized reviews, and can generate dynamic, customizable issues lists with one click.

Applications and Use Cases

Ivo has been used by companies like Geotab, Quora, McCollister's, and Formlabs to achieve significant efficiency gains in their contract review processes. For example, Geotab was able to save an average of 45 minutes of review time per contract, translating into a 75% overall efficiency gain.

Impact and Future Outlook

Ivo is set to continue revolutionizing the contract review process with its AI capabilities. With its commitment to security, as evidenced by its SOC 2 Type I and II, GDPR, and CCPA certifications, Ivo is poised to remain a trusted tool for modern legal teams.