ThoughtTrace Raises $10 Million from a Syndicate of Investors to Advance its AI-driven Document Intelligence and Contract Analytics Software
The Financing Round was Led by McRock Capital, with Chevron Technology Ventures & Existing Investor Altira Group
HOUSTON, May 20, 2020 /PRNewswire/ -- ThoughtTrace, Inc., a leading Document Intelligence and Contract Analytics software provider, announced today that it has closed a $10 million financing led by McRock Capital, along with Chevron Technology Ventures and existing investor, Altira Group. Scott MacDonald, Co-founder & Managing Partner from McRock will join ThoughtTrace's Board of Directors.
"We are extraordinarily excited to have both McRock and Chevron join the team. McRock brings a great background in the industrial space, which we see as a great fit. In the case of Chevron, they went from being a new customer in 2019 to an investor in 2020," said Nick Vandivere, ThoughtTrace CEO. "With the new capital raise, ThoughtTrace will accelerate its investment in creating AI with unparalleled speed and accuracy, grow strategic partnerships and platform integrations, and add to its existing team of talented professionals, all of which will bring further value to the growing ThoughtTrace customer-base."
ThoughtTrace's AI-powered Document Intelligence platform enables organizations to uncover valuable information buried in contracts and documents in a fraction of the time and cost it would take using traditional review methods. In addition to massive productivity gains, companies that have harnessed this power have drastically reduced OPEX, minimized corporate risk, and even discovered new opportunities worth millions to the bottom line.
Since the 2017 initial product release serving the domestic energy sector, ThoughtTrace has seen aggressive growth year-over-year through expanding energy offerings as well as moving into new vertical markets. Today, the ThoughtTrace technology is trained by subject-matter-experts to serve a wide array of industries including manufacturing, real estate, technology, legal, finance, telecommunications, oil and gas, and renewable energy.
Quotes from investors:
"As the digital strategy of industrial companies becomes even more important in the current market climate, being able to use AI software to discover critical information in thousands of unstructured text documents quickly and cost effectively is transformational," said Scott MacDonald, Co-founder of McRock Capital. "ThoughtTrace allows a company to expand the data analytics from a physical asset to the documentation that governs that asset such as a Power Purchase Agreement for renewable energy."
"Chevron Technology Ventures (CTV) pursues externally-developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. ThoughtTrace fits that mandate with the potential to automate the complex, time-consuming, and document-intensive workflows required for our ongoing business operations," said Barbara Burger, President, Chevron Technology Ventures.
"ThoughtTrace is one of those rare technology companies, actually delivering value through Artificial Intelligence and truly reinventing how complex documents are managed. This powerful platform's ability to distill meaning and insight from complex documents has unlocked hundreds of millions of dollars of value across industrial sectors," said Sean Ebert, Partner at Altira and ThoughtTrace Board Member. "We're thrilled to partner with McRock and Chevron Technology Ventures to help ThoughtTrace advance this mission, as we share similar cultures and an unabating commitment to customer success," added J.P. Bauman, Principal at Altira and ThoughtTrace Board Member.
Highlighting the company's momentum, in 2019 the ThoughtTrace platform identified 163 million industry-specific facts out-of-the-box, powering better decisions for customers ranging from Fortune 10s to SMBs. ThoughtTrace, Inc. was also awarded several accolades, including Great Places to Work, Houston Chronicle's Top Workplaces in Houston, announced as a finalist for the IACCM's Innovation & Excellence Award, and secured the highly respected SOC II Type II Compliance.
McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital fund manager focused on the intersection of sensors and software in large industrial markets and smart cities. The McRock team has a unique background of building high-growth venture-backed IIoT companies while also having worked in the power, water, oil and gas industries. McRock is backed by several leading institutional investors and global corporations including Cisco Systems, Caterpillar, Shell, Mitsubishi and Électricité de France (EDF).
About Chevron Technology Ventures:
Formed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues externally-developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of innovative companies that are helping to shape the future of energy.
About Altira Group:
Altira Group LLC provides venture capital funding for carefully curated technology products, software and advantaged service offerings that help meet the modern and complex challenges of today's oil and gas industry. Since its founding in 1997, Altira has invested over $1B with partners in over 55 companies. Its Fund VI partners include a select group of U.S. super-independent oil and gas companies that help accelerate the growth of Altira's portfolio companies by serving as large, fast-adopting customers. The Altira team has over half a century of combined experience building successful technology companies. Please visit www.altiragroup.com for more information.
ThoughtTrace creates the only industry-specific Document Intelligence and Contract Analytics platform that delivers value on day one with minimal training and setup. Leveraging AI/ML as a complement to human expertise, the ThoughtTrace platform identifies critical obligations in contracts exponentially faster and with greater accuracy than traditional methods. The ThoughtTrace platform reads, organizes, and surfaces data that gives users operational agility, actionable insights, and decision-making superpowers. Learn more at www.thoughttrace.com.