Friday, 22nd February,2019, New Delhi: Artificial Intelligence (AI) and Machine Learning (ML) based legal tech start up ‘SpotDraft’ announces $1.5Millions (INR ~11crore) fund raising in pre-Series A, led by Binny Bansal and Sailesh Tulshan’s fund 021 Capital, along with participation from Girish Mathrubootham, Co-founder Frshworks; Karanpal Singh, Founder Hunch Ventures; Indus Khaitan, Chief of Growth, Chargebee; Peeyush Ranjan, VP Engineering, Google Inc. and Singapore Angel Network.
With focus, to utilize the fund in growing its global footprints, SpotDraft will targeting both large as well as small and medium enterprises that are looking to cut their legal expenses. Using AI and ML to automate contract management, the platform identifies key clauses and legal information from contracts and compares them to internal legal standards to point out the good, bad and ugly.
“We are excited about this new phase of growth for SpotDraft. We want companies to move out of track changes into the 21st century. Our platform can help companies create, analyse and manage legal contracts, all with zero human intervention,” exclaims, Shashank Bijapur, Co-Founder and CEO , SpotDraft.
A big portion of SportDraft’s business today comes from European firms which utilise its tool to analyse compliance with GDPR, which they can do in minutes as opposed to hours it would take to do manually. The company also focuses on privacy and non-disclosure agreements, master services agreements, credit or facility related agreements apart from GDPR and regulatory compliance.
It comes pre-built with analysis for a variety of different use cases ranging from GDPR, NDA analysis to Capital Markets and Credit Agreements.
“The dynamic algorithmic model of SpotDraft is like a superpower tool to evaluate legal documents and make decisions at 10x the speed and accuracy. Legal documents are still stuck in the 1980’s. They have re-imagining changing the way contracts will be analysed and reviewed in future. Excited to be long-term partners with the SpotDraft team,” adds Sailesh Tulshan, CEO, 021 Capital.
“I have personally seen the growth of SpotDraft in the last 12 months from being a small venture, to today being deployed in almost every continent. Legal review is a manual cumbersome process and by combining industry experience and academic expertise, they are poised to become a real game changes in the legal technology space,” elucidates, Karan Pal Singh, CEO, Hunch Ventures
Girish Mathrubootham, CEO, Freshworks, says “SpotDraft focuses on the boring category of legal Contract management and uses AI to quickly navigate contracts and deliver insights to accelerate the process of contract negotiation and signing. I was thoroughly impressed by the product and the high calibre founders and decided to invest.”