Clause, the startup that utilizes the efficiency of contract management by utilizing Blockchain and IoT, has raked in $5.5 mln during a recent Series A funding round, Coindesk reports. This funding stage was spearheaded by cryptocurrency bank Galaxy Digital.
Redefining contract management
Apart from Mike Novogratz-led Galaxy Digital, Block.one’s Capital Fund and DocuSign put money into Clause.
Prior to that, the company, which was founded back in 2018, held a $2 mln funding round back in 2018.
Contracts are the cornerstone of any business, but they are not managed efficiently. Clause positions itself as a startup that represents the future of digital contracting.
It created the infrastructure that would allow facilitating self-managing and dynamic legal contracts.
Clause allows signing contracts with the help of DocuSign’s e-signature solution.
Beyond Blockchain
Clause claims that the company doesn’t rely entirely on Blockchain. Their customers are able to manage digital contracts with the help of run-off-the-mill platforms in the likes of Stripe.
With that being said, there are multiple advantages of using Blockchain technology, such as creating tamper-proof audit logs.
One of the biggest problems with contract management today is that you really have no visibility into the events that occur under a contract after the point of signature,” Clause CEO Peter Hunn claims.