Intelligent Legal Solutions (ILS), a global
legal technology company building automation software for investment fund
lawyers, has secured a seed funding round led by Chicago Ventures, bringing its
total funding to more than $3 million.
Founded in 2024, ILS was established to
address the largely manual nature of post-close fund workflows, an area that
has historically seen limited support from modern software. While working in
the investment funds teams at firms including Goodwin and Proskauer,
co-founders Fergus Plant and Jack McCarthy identified this gap and, together
with Stefano Benigni, developed ProVision to introduce greater structure and
automation to these processes.
ProVision enables private funds teams to
manage side letters, and MFN processes more efficiently by consolidating side
letters into a single system of record and converting negotiated terms into
structured, searchable obligations and elections. The platform also streamlines
MFN workflows by generating election forms that automatically track selections.
By incorporating AI capabilities and complying
with SOC 2 Type 2 and GDPR standards, ProVision is designed to reduce manual
tracking across emails and spreadsheets while supporting more consistent
workflows. It also provides greater visibility into side letter obligations and
elections throughout a fund’s lifecycle.
Since its launch, ILS has been adopted by more
than 10 of the world’s largest law firms. ProVision has processed over 5,000
side letters across more than 450 matters and supported over $150 billion in
fundraises.
The new investment will support further
development of the ProVision platform as the company works toward its product
roadmap for 2026.