Provides an AI-powered contract management platform that centralizes and automates the organization, tracking, and renewal of legal documents. It reduces risks from missed deadlines, incomplete contracts, and inefficient processes, enabling teams to improve productivity and maintain compliance with automated alerts and secure document handling.
Funding
$11.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many organizations struggle with managing contracts effectively, leading to missed deadlines, incomplete documentation, and inefficient workflows. This disorganization increases the risk of non-compliance and lost revenue due to poor contract oversight.
Solution
Formality offers an AI-powered contract management platform that centralizes and automates the entire contract lifecycle, from document organization to renewal tracking. The platform uses AI to extract key dates and clauses, providing automated alerts via Slack or Teams to prevent missed deadlines. By connecting to existing tools, Formality automatically classifies and organizes documents, ensuring that teams always have access to up-to-date information. The AI assistant can instantly answer questions about contracts, improving team autonomy and reducing the workload on legal departments.
Target Audience
Formality is designed for legal teams, finance departments, and operations managers who need to streamline contract management, reduce risks, and improve team productivity.
Features
- AI-powered document classification and organization
- Automated extraction of key dates and clauses
- Real-time alerts and notifications via Slack or Teams
- AI assistant for instant contract information retrieval
- Integration with existing tools for seamless data collection
- Role-based access controls for secure document management
- GDPR compliance with data hosted on certified European servers
- Reversibility of data guaranteed through One Clause project adherence