ThoughtTrace secured $10 million in Funding from McRock Capital

ThoughtTrace, a Houston based AI-powered Document Intelligence platform, and Contract Analytics software provider, has secured $10 Million in funding round.

ThoughtTrace is founded by Nick Vandivere. It offers an Artificial Intelligence-powered document intelligence platform that enables organizations to read, organize, and surface information in documents and contracts.

Executive Opinion

Nick Vandivere, ThoughtTrace CEO, said, "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. 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."

Scott MacDonald, Co-founder of McRock Capital, said, "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. 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."

ThoughtTrace's Latest Funding

The McRock Capital led the latest funding round. Other investment participants include Chevron Technology ventures and Altira Group.

Post funding, Scott MacDonald, the Managing Partner at McRock Capital, will now join ThoughtTrace, Board of Directors team.

The company, as of now, has plans to use the new funds to accelerate its investment in creating AI with accuracy & speed, platform integrations, and make strategic partnerships and add to hire new talented professionals, notes the announcement.