Elevator Pitch: For businesses that depend on contracts, Catylex Contract Analytics delivers quick answers without reading mountains of paper. Unlike others, we cover thousands of concepts out-of-the-box. Catylex users simply upload contract-related documents to a secure cloud application, and the system automatically extracts, tags and translates those documents into useful data that can be handed off to CLMs, or used to mitigate risk, revenue leakage, and legal fire drills.
What makes you unique or innovative? Until now, Contract AI has been disappointing because of weak training. Unlike consumer AI (trained on terabytes), most Contract AI is trained on small samples of text. Vendors expect their customers to do the hard work of training for themselves. Catylex is disruptive because we truly deliver out-of-the-box Contract AI (we do all the work). Fundamental to our success is a fine-grained data model (many thousands of concepts) derived from decades of legal, commercial, and technical experience.
What problem do you solve? Contracts are valuable business assets, but much of what they say is buried in complex legal language, and extracting data has historically been an expensive, slow, human process. As a result, few businesses can confidently say they know where to find every contract, and they know what’s inside every contract, good and bad. Uncertainty about contract data is especially challenging for businesses that have grown via M&A, and contributes to revenue leakage, over-spending, performance failures, and expensive “legal fire-drills” as people try to speed read documents during a crisis. Catylex provides cost-effective and timely data that streamlines due diligence, improves operational visibility and tracking, answers questions in a crisis, and feeds quality data to the systems and people that need it.
Your competitors? Kira, Evisort, LegalSifter
Founded: 11/15/2019, New York
Target customer. Law departments, medium to large law firms, and ALSPs.
Price. Pricing varies with contract volume and number of legal and business concepts required.
Expected 2022/2023 gross revenue? N/A.
Number of users/paying customers? N/A.
Traction to date. As a private company we don’t publish detailed financials, but we can confirm highly satisfied early customers, including very positive feedback from data extraction users who find that Catylex adds value where other products have been frustrating to use. An independent, senior legal technology expert described Catylex as the “single most impressive product” at CLOC 2022 (as reported by Above The Law). Finally, we have successfully raised over $5M in seed capital, demonstrating strong investor confidence in Catylex and its path to success.
Plan for growth over next five years. Growth will come from providing an intuitive product to clients who need contract visibility, but currently spend too much time and money extracting data from contracts. We believe Contract Analytics today has a total addressable market in excess of $10B and that we can become a leader in this market by being providing quality data, faster and more accurately than other any other solution. Key target customers that will drive growth include: (1) corporate legal and in-house legal ops teams that need insights across their own contract portfolios; and (2) law firms and ALSPs that need more efficient ways to review contracts on behalf of their clients, for due diligence and other scenarios. We also plan to partner with other vendors like CLM providers, giving them high-performance, embedded contract data extraction capabilities.
Outside funding. More than $5M in outside funding
Describe any ways in which your company is diverse or promotes diversity. At Catylex, our mission is to transform the world’s contracts into useful data. We believe that to achieve our mission, it requires creating an environment that promotes innovation through diversity of ideas and perspectives, collaboration, respect, high standards and integrity. Some ways in which our organization integrates D&I into our corporate values, include:
- Provide training, development and advancement opportunities for all employees based on merit.
- Create a work environment that promotes dignity and respect for every employee and where individuals’ differences and contributions are recognized and valued.
- We provide equal opportunity employment opportunities, consistent with our anti-discrimination policies, laws, and regulations.