TermScout

About

Citizn Company, based in the US, provides AI-driven solutions for contract analysis and certification, enhancing transparency and efficiency in B2B transactions.Citizn Company specializes in AI-powered contract solutions. Founded in 2018, it has pivoted to focus on enhancing deal velocity in B2B environments. The company is headquartered in the United States and was co-founded by Chris Wolfenberg, Gregory Smith, Katherine S., Murray Simser, Otto Hanson, and Peter Fatianow. The latest funding round, a Seed round, raised USD 1.25 mn led by Hilltop Venture Partners and included investors such as Techstars and eonCapital Ventures. Citizn has closed 4 different deals, with the most recent on July 29, 2020.TermScout specializes in AI-powered contract analysis and certification solutions designed to enhance deal velocity and ensure transparency in B2B transactions. Their core offering, Certify™, provides independent contract certification that assesses agreements against extensive benchmarks derived from thousands of real-world contracts. This service aims to instill trust between buyers and sellers by verifying that contracts meet fair and balanced criteria while being free from dealbreakers. Clients include businesses and law firms across various industries, who utilize TermScout’s services to streamline contract negotiations, minimize risks, and foster better decision-making. TermScout’s solutions are available in multiple geographical markets, including North America and Europe, targeting enterprises that require efficient and reliable contract management.TermScout generates revenue through a subscription model, providing access to its suite of AI-driven contract solutions. Clients typically engage with the company on a contractual basis, subscribing to services that include AI analysis and certification of contracts. The transaction structure often involves annual or monthly subscription fees, allowing organizations to leverage the Certify™ service for a set period. This model accommodates various client sizes, from startups to large corporations, ensuring scalability. The subscription fees are tied to the level of service and the number of contracts processed, thus catering to diverse user needs and enhancing the overall customer experience with TermScout’s flagship offerings.In July 2020, TermScout raised USD 350,000 in venture debt financing as part of a larger USD 1.6 mn equity and debt financing. The funding will be utilized to create a platform for contract comparison and review and publish a website with free and paid data on the 500 largest B2B SaaS contracts. The company is planning to expand its offerings into new markets, particularly targeting additional regions in North America and Europe, to further enhance its user base and client engagement.