Uhura Solutions, a London and Podgorica-based contract intelligence platform, has raised €400k in seed funding to accelerate its growth. The funding comes from European venture firm South Central Ventures, which is joining existing investors Barclays and Techstars.
The company has developed an artificial intelligence (AI) solution that reads and understands contracts and agreements in a human-like way to speed up the review and decision-making process in financial institutions. It offers automation capabilities and can shorten document processing time from hours to minutes.
Contract review is what takes the most time and diligence in business. By automating this very important task, Uhura Solutions ensures that teams, whether big or small, can have a clear understanding of their documents and focus on business knowing their contracts are vetted.
Uhura Solutions was founded in 2018 by Djuro Stojanovic, Bojan Tesic, Blazo Crvenica and Mladen Markovic, a team of Montenegrin entrepreneurs with deep technical and domain knowledge.
“For years, we worked in different international corporations, including banks, and kept saying that the way documents are processed is completely out of touch – not only from the customer’s point of view but also from an internal perspective,” said Stojanovic, Uhura Solutions CEO and co-founder. ”That’s when we decided to do something about it.”
A graduate of the 2018 Barclays Accelerator powered by Techstars in Tel Aviv, the company is focusing on replacing the manual parts of processing with automated AI and from there, showing companies and financial institutions how much, it speeds up the whole process – not only of reviewing documents, but also for making faster, more informed decisions.
The company plans to use the funds to improve its technology and expand its presence in the financial and enterprise sectors.
“We are delighted to have the backing of South Central Ventures, as they have a proven track record in supporting highly successful B2B software businesses. South Central Ventures will be an excellent partner for the next phase in our development,” said Stojanovic.
Uhura Solutions has developed a unique technology that allows companies to direct fewer resources to reviewing and processing documents, and more resources towards solving or improving specific issues that require that ‘human’ touch.
“Having a seasoned team working on Uhura is a step in the right direction. With the investment we aim to leapfrog the company into the corporate world and solve the age-old problem of reviewing contracts at a snail’s pace and the errors that go with it,” said Vuk Djukic, Principal, South Central Ventures.