Company

Tunbridge-Wells-based Law365 is the company behind contract management machine learning and AI platform, Cloud Contracts 365.

Funding Requirement

Cloud Contracts 365 is utilising the £530,000 funding from Reward to further enhance its machine learning and AI contract management platform.

Finance Solution

Kim Simmonds, who owns Law365, identified in 2020 the potential to further develop their offering through AI by building a proof of concept, using the experience within her team to automatically create contracts for their tech focused clients, called Cloud Contracts 365.

In September 2022, the business secured grant funding to accelerate the development of Cloud Contracts 365 and employed an in-house development team who worked closely with the Law365 team on further enhancements.

The platform is the perfect solution for technology businesses – contract creation, contract review and contract management with the ability to sign electronically.

Both Law365 and Cloud Contracts are classed as separate entities but enjoy client crossover. Cloud Contracts 365 provides the baseline service, and as its clients grow and the contracts become more complex, there is a natural transition into Law365 where increased input from the highly skilled lawyers is required.

Simon Adcock, Regional Director for Reward Funding in London and the South East, said: “AI has become a tool that a lot of businesses are using to evolve. Kim has identified a grey area in the law market and utilised a platform to enable companies to produce legally binding contracts with ease.”

“The funding solution we have provided was ideal to ensure Kim has the cash flow in place to continue to develop the Cloud Contracts 365 platform and still offer the highest service possible for its technology clients. Kim has a clear vision for the next chapter for Cloud Contracts 365 and we look forward to supporting the team on their growth journey.

Client Testimonial

“We’ve worked hard to establish a successful business, growing the team to 30 employees. However, being able to evolve our AI product is key for our future growth and our commitment to provide the highest quality service and latest technology to our clients. The AI platform will quickly and conveniently produce legally binding contracts and ensure our clients aren’t left vulnerable or exposed.”

“We needed an agile funding solution to act as a cash flow buffer for future product development, so we turned to Reward as it has a reputation for delivering funding solutions at pace. The flexibility provided throughout the borrowing process has also helped remove many of the financial headaches and hurdles that inevitably arise during this type and size of transaction.”

Kim Simmonds, owner of Law365 and Cloud Contracts 365