Seed · AI & Machine Learning · Paris, France · Founded 2023 · 25–30 employees
Formality is an AI-powered contract management platform that centralizes and analyzes legal documents for businesses. Founded in 2023 by serial entrepreneur Eliott Reilhac (who previously sold TVTY to Nielsen), the company addresses the costly problem of poor contract management that can cost companies up to 9% of their revenue. The platform uses advanced AI including LLMs from OpenAI, Google, and Mistral to extract key information from contracts, automate renewals, and provide intelligent document analysis. In October 2024, Formality raised €8 million in seed funding from Partech and Serena Capital, plus €2.4 million from BPI France, to expand internationally and accelerate development.
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