Seed Of The Week: Formality

While Eliott Reilhac was successful with his first startup, he and his co-founder still struggled with the administrative headaches that came with running a company. Those problems became the inspiration for his new company, Formality, which has developed an AI-powered platform to eliminate those burdens.

But the company needed a starting point. Their initial explorations led them to the concept of contract management. The early versions of that product has been successful enough to help the company raise an €8 million Seed Round.

"That's a big mission," Reilhac said. "We started working on that together. And what we learned, after some months of discovery and co-building with our clients and design partners, was that the first niche market where we wanted to be a big player was contract management. We thought that contract management was a great first step to solving the administrative burden. Our goal now is to become the best contract management platform, and then to add some other modules toward that big mission of the administrative burden of running a company."

What is Formality?

Formality uses natural language processing algorithms to simplify and automate the lifecycle of contracts. Formality centralizes all legal documents and then uses AI to ensure instant access to the latest versions, rapid information retrieval, and timely alerts for important dates, eliminating the risk of errors.