ThoughtTrace Inc., a leading document intelligence and contract analytics software provider, has closed a $10 million financing on May 20 led by McRock Capital, along with Chevron Technology Ventures and existing investor Altira Group.
As a result of the investment, Scott MacDonald, co-founder and 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,” Nick Vandivere, ThoughtTrace CEO, said. “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.”
Nick Vandivere, CEO of Houston-based software company ThoughtTrace Inc., was part of Oil and Gas Investor’s 2019 class of Forty Under 40 honorees.
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.
“Chevron Technology Ventures 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,” Barbara Burger, president of Chevron Technology Ventures, said.
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 small and midsize businesses.