CHICAGO: Intelligent Legal Solutions (ILS), a global legal technology company developing software to allow investment funds lawyers to automate key processes like side letter management, comment memo management, and the MFN process, today announced a Seed round led by Chicago Ventures, an early-stage venture firm that partners closely with exceptional entrepreneurs building companies in undercapitalized, high-potential ecosystems. The company has raised over $3M to date, with the objective to build a centralized workflow system for private funds legal teams.

“We are thrilled to partner with Chicago Ventures, whose deep expertise assisting companies like ours to empower traditional businesses with technology will allow us to take our already substantial growth to another level,” said Fergus Plant, Co-Founder at ILS.

Launched in 2024, ILS has quickly transformed the funds formation landscape, counting over 10 of the world’s largest law firms as customers, including Cleary Gottlieb, Fried Frank, Goodwin, Paul, Weiss, Proskauer, Ropes & Gray, and Willkie Farr & Gallagher. ILS’s first product, ProVision, is the leading side letter management platform, processing over 5,000 side letters across 450+ matters, and supporting $150B+ capital in fundraises across the US, UK, EU, Hong Kong, Singapore and the Middle East in 2025.

Theresa Spartichino, Director of Practice Technology at Ropes & Gray LLP, said "ProVision is an important component of our asset management technology at Ropes & Gray. Our teams adopted it quickly, and ILS incorporated attorney feedback to develop features tailored to our needs. We look forward to collaborating on additional workflows in the future."

ILS was born out of a recognition that post-close fund workflows remain largely manual and underserved by modern software. While working in the investment funds teams at leading firms such as Goodwin and Proskauer, co-founders Fergus Plant and Jack McCarthy identified this gap, and together with the software expertise of co-founder Stefano Benigni, built ProVision to bring structure, automation, and reliability to post-close workflows. The platform helps private funds teams manage side letters and MFN processes with speed and control. It brings every side letter into a single system of record, turns negotiated terms into structured, searchable obligations and elections, and streamlines MFN workflows by generating election forms that automatically track elections. By surgically applying AI, adhering to strict SOC 2 Type 2 protocols, and maintaining compliance with GDPR, customers experience less manual tracking in email and spreadsheets, fewer missed issues, and a more consistent process across matters.

Conan Hines, Director of Practice Innovation at Fried, Frank, Harris, Shriver & Jacobson LLP, said "What’s been most valuable for us is the operational clarity ProVision brings to a high-volume, high-stakes workflow. It helps us translate side letter negotiations into a structured record we can use across the matter, which improves consistency for our asset management team and creates cleaner visibility when clients need updates fast."

For funds lawyers, ProVision can extend the same structured approach beyond execution into ongoing visibility: providing a clearer view of side letter obligations and elections, improving readiness for investor questions, and enabling smoother coordination throughout the lifecycle of a fund.

Eric Duboe, Partner at Chicago Ventures, said "ILS is building the workflow system for private funds lawyers, starting with MFN and side-letter automation and expanding into a unified platform for fund formation teams. ProVision’s rapid adoption across leading AmLaw firms, combined with the team’s lawyer-led and highly disciplined approach to AI, uniquely positions the company to define this category. We’re proud to lead this round and partner with the team as they scale globally."

This investment will further support the expansion of the ProVision platform, allowing the team to fulfill an ambitious roadmap for 2026.

About ILS

ProVision by ILS is the leading side letter management and MFN automation platform purpose built for private investment funds lawyers, and trusted by the world’s top law firms. Learn more at www.ilsprovision.com.

About Chicago Ventures

Chicago Ventures is an early-stage venture capital firm that partners with founders to build enduring technology companies. Founded in 2012, the firm leads investments across a range of sectors including legal, fintech, industrials, healthcare, and data tools, typically leading early rounds and taking an active, operational role alongside founders. CV has backed more than 120 companies and is known for high-conviction investments and long-term founder support.

Fonte: Business Wire