While many start-ups thrive on developments that grab headlines some prefer to fly below the radar while making impressive strides. The innovative German start-up, Seal Software, is a great example of the latter. The six year old company has invented a new category of search software that is so good that Google uses it.
Seal software is being talked about as one of the “most exciting” young enterprise tech companies because it has invented a new category of software called “contract analysis.” It works by Seal creating a central place to store all of a company’s contracts and then uses machine learning and AI to search for, understand, and even interpret the legal documents in a manner that non-specialised people can understand.
Thus the company is innovating on two fronts: machine learning technology and as a potential way for companies to reduce legal costs. It helps companies prepared for lawsuits, save money with suppliers, and protects them from some of the draconian terms that vendors (such as software vendors) like to sneak into contracts.
It also helps companies fight price increases that happen when a big software company buys a smaller company and then tries to raise prices on the acquired customers.
The product has been proving so useful that even Google has been using it to store, track, and search all of its contracts. This even though Google offers its own enterprise search product (Google Search Appliance) and famously has its own machine learning and AI technology, known as Google Brain.
Seal Software, which raised $13 million in venture backing, and has been doubling its customer base each year, according to Ulf Zetterberg, company CEO. It now has 125 customers, and each customer has also been doubling how much it spends with the startup each year, with the average customer now spending $250,000 to $350,000 annually, he says.
More information about Seal Software can be found, here.