Spotdraft, which is a Gurugram which applies Artifical Intelligence to extract intelligence from the legal documents has now secured $1.5 Million in the funding round led by the Binny Bansal backed 021 Capital, along with the participation from the Freshworks Co-Founder Girish Mathrubootham and some of the Google executives.
The firm will utilize the funds to grow its footprint in the global markets, which is targeting both the small and medium as well as the large enterprises who are looking to cut their legal expenses. The firms work on the AI to sweep with the legal documents, identify clauses and see if they are much more adhere with the local laws and flag some of the potential mistakes along with the remedies that can be applied.
“If cars have started driving themselves, why do you have to pay lawyers thousands of dollars to copy paste words onto a page? Our platform can help companies create, analyze and manage legal contracts, all with zero human intervention,” said Shashank Bijapur, co-founder, and CEO of Spotdraft.
“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 caliber founders and decided to invest,” said Girish Mathrubootham, co-founder and CEO, Freshworks.
Picture Credits: SpotDraft