McRock Leads $10 Million Financing for AI-Driven Document Intelligence Company ThoughtTrace

mcrock 5 may 20 2020 mcrock leads 10m financing in tt

Toronto, Ontario–(May 20, 2020) – McRock Fund II LP, the latest Industrial Internet of Things (IIoT)  venture capital fund managed by McRock Capital, announced today that it has led the US$10 million  financing in Texas-based ThoughtTrace, Inc. The round included investments from Chevron Technology  Ventures and existing investor Altira Group. Scott MacDonald, Co-founder & Managing Partner from  McRock has joined ThoughtTrace’s Board of Directors. 

ThoughtTrace’s AI-powered Document Intelligence platform enables organizations to uncover valuable  information buried in contracts and documents in a fraction of the time and cost it would take using  traditional review methods. In addition to massive productivity gains, companies that have harnessed this  power have drastically reduced OPEX, minimized corporate risk, and even discovered new opportunities  worth millions to the bottom line. 

“We are extraordinarily excited to have both McRock and Chevron join the team. McRock brings a great  background in the industrial space, which we see as a great fit. In the case of Chevron, they went from  being a new customer in 2019 to an investor in 2020.,” said Nick Vandivere, ThoughtTrace CEO. “With the  new capital raise, ThoughtTrace will accelerate its investment in creating AI with unparalleled speed and  accuracy, grow strategic partnerships and platform integrations, and add to its existing team of talented  professionals, all of which will bring further value to the growing ThoughtTrace customer-base.”

“As the digital strategy of industrial companies becomes even more important in the current market  climate, being able to use AI software to discover critical information in thousands of unstructured text  documents quickly and cost effectively is transformational,” said Scott MacDonald, Co-founder of McRock  Capital. “ThoughtTrace allows a company to expand the data analytics from a physical asset to the  documentation that governs that asset such as a Power Purchase Agreement for renewable energy”. 

Since the 2017 initial product release serving the domestic energy sector, ThoughtTrace has seen  aggressive growth year-over-year through expanding energy offerings as well as moving into new vertical  markets. Today, the ThoughtTrace technology is trained by subject-matter-experts to serve a wide array  of industries including manufacturing, real estate, technology, legal, telecommunications, oil and gas, and  renewable energy. 

About ThoughtTrace – ThoughtTrace creates the only industry-specific Document Intelligence and  Contract Analytics platform that delivers value on day one with minimal training and setup. Leveraging  AI/ML as a complement to human expertise, the ThoughtTrace platform identifies critical obligations in  contracts exponentially faster and with greater accuracy than traditional methods. The ThoughtTrace  platform reads, organizes, and surfaces data that gives users operational agility, actionable insights, and  decision-making superpowers.  

Visit www.thoughttrace.com or follow on twitter @ThoughtTrace  

About McRock Capital – McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital  fund manager focused on the intersection of sensors and software in large industrial markets and smart  cities. The McRock team has a unique background of building high-growth venture-backed IIoT companies  while also having worked in the power, water, oil and gas industries. McRock is backed by several leading  institutional investors and global corporations including Cisco Systems, Caterpillar, Shell, Mitsubishi and  Électricité de France (EDF). 

Visit www.mcrockcapital.com and follow on Twitter @McRockCapital