The company was founded this year by Michelle Cotter, who previously held leadership roles at legal AI company Legora, Revolut and Epidemic Sound.
Juritas, an Irish-founded and Stockholm-based “contract intelligence” start-up, has raised €1.4m in pre-seed funding.
The company has developed an AI-driven platform designed to help finance, procurement and legal teams monitor contract commitments and spot payments that are due. The platform helps these teams “find and act on what their contracts say they’re owed”, according to the start-up.
The funding round was led by Passion Capital with participation from Blackwood, Araya Ventures, Baseline, Angel Invest and the ByFounders Angel Collective.
Juritas was founded this year by Michelle Cotter, who previously held leadership roles at legal AI company Legorafintech Revolut and music licensing company Epidemic Sound.
“I’ve sat across the table from some of the world’s largest organisations and I’ve seen the same pattern every time: teams negotiate hard, sign and move on,” said Cotter, who is also CEO of the start-up. “Yet everything they need to know is already theirs, written into their own contracts.
“That knowledge just rarely reaches the right person at the right time. My ambition is for Juritas to become the intelligence layer safeguarding the value in every contract a business signs.”
The Juritas platform connects to online repositories such as SharePoint and Google Drive to find amendments, order forms and renewals that belong to each agreement and links them, “so a contract is read as it stands today, not as first signed”.
Each contract is scanned in full by the platform, which then records the commitments laid out, including dates, fees, price increases, obligations and rights, and cites the relevant clause for each commitment. “Money is then calculated in code, never estimated by the AI,” according to the company.
The start-up said teams can ask a simple question on the platform, such as whether a supplier’s volume discount has been triggered, and get an answer that cites the exact clause and shows what action is needed. “The platform shows teams what they are owed, what they need to deliver and where to act before the deadline passes.”
According to Juritas, encryption is integrated throughout the process and all data is stored in the EU. The company also states on its website that contracts are never used to train AI models.
Juritas said its initial focus is on supplier contracts, helping procurement and finance teams check that suppliers “deliver what they promised and recover value that would otherwise go unclaimed”.
The new funding will be used to grow the company’s engineering team in Stockholm, speed up product development, and build the security and infrastructure required by large customers.
“Contracts are the operating system of every business, yet almost no company knows what’s really in theirs,” said Will Orde, a partner at Passion Capital. “It’s one of the largest blind spots in enterprise software.
“Michelle has seen first-hand what it takes to build a category-defining European company and she’s bringing that ambition to a problem every enterprise has.”
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