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SpotDraft raises $1.5mn in funding led by Binny Bansal-backed firm
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SME Times News Bureau | 23 Feb, 2019
Artificial Intelligence-based legal tech start-up SpotDraft on Friday
said it has received $1.5 million (around Rs 11 crore) in a pre-Series A
funding round from a consortium of companies led by private equity (PE)
firm '021 Capital'.
PE firm '021 Capital' is backed by Flipkart co-founder Binny Bansal and Sailesh Tulshan.
Other
participants in the funding round were -- Girish Mathrubootham,
Co-founder Freshworks; Karanpal Singh, Founder, Hunch Ventures; Indus
Khaitan, Chief of Growth, Chargebee; Peeyush Ranjan, VP-Engineering,
Google Inc; and Singapore Angel Network, SpotDraft said in a statement.
"With
a focus to utilise the fund in growing its global footprints, SpotDraft
will target both large as well as small and medium enterprises that are
looking to cut their legal expenses," it said.
"Using AI and ML
(machine learning) 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."
SpotDraft,
founded in 2017 by Shashank Bijapur, the CEO, is an Artificial
Intelligence-driven contract management platform which helps businesses
automate their contract analysis, contract management and contract
creation processes.
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