SpotDraft is planning to target large as well as small and medium enterprises (SMEs) that are looking to reduce their legal expenses
SpotDraft, a Gurgaon-based legal-tech start-up that uses artificial intelligence (AI) and machine learning (ML) to automate contract management, has raised US$ 1.5 million in a pre-series A funding round led by 021 Capital – venture capital (VC) firm supported by 021 Capital.
The other investors who participated in funding include Girish Mathrubootham, co-founder of software-as-a-service (SaaS) unicorn Freshworks, Indus Khaitan of billing solutions provider Chargebee, and Peeyush Ranjan, Vice President – Engineering at Google. In addition, its earlier investors Singapore Angel Network and Karanpal Singh, founder of VC firm Hunch Ventures also took part in the finding round.
To expand footprint globally
The company will use the fresh funding to expand its footprint globally. The start-up is planning to target large as well as small and medium enterprises (SMEs) that are looking to reduce their legal expenses.
SpotDraft is managed by Draft Spotting Technologies Ltd and provides technology-based solutions for complex legal dealings, such as managing, drafting and storing paperwork online, assessing contracts and automating invoices, along with sending reminders and counselling on legal compliance.
The start-up was founded in 2017 by Shashank Bijapur, a Harvard Law School graduate and Madhav Bhagat, former Google Classrooms technology lead.
Zero human intervention
Bijapur said, “Our platform can help companies create, analyse and manage legal contracts, all with zero human intervention.”
Currently, SpotDraft’s business majorly comes from European companies which use its tool to analyse compliance with General Data Protection Regulation (GDPR), the data privacy law of the European Union (EU).
In October 2017, the start-up raised US$ 550,000 in seed funding round, backed by Hunch Ventures. Spiral Ventures, Singapore Angel Network, 500 Startups and Citrus Payment Solutions co-founder Satyen Kothari also participated in the seed funding round.