ThoughtTrace Raises $10 Million From a Syndicate of Investors to Advance Its AI-Driven Document Intelligence

By AIT News Desk On May 21, 2020

The Financing Round Was Led by Mcrock Capital, With Chevron Technology Ventures & Existing Investor Altira Group

ThoughtTrace, Inc., a leading Document Intelligence and Contract Analytics software provider, announced 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.

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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.