Gurugram-based legal tech startup, SpotDraft, has raised $1.5 million (approx Rs 11 crore) in pre-Series A funding round led by Binny Bansal-backed 021 Capital.
Other investors who participated in the round are Freshworks cofounder, Girish Mathrubootham, Karanpal Singh, founder, Hunch Ventures, Chargbee’s chief of growth, Indus Khaitan, Peeyush Ranjan, VP engineering of Google Inc. and Singapore Angel Network.
“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,” Shashank Bijapur, co-founder and CEO, SpotDraft, said in a statement.
SpotDraft was co founded by Shashank Bijapur and Madhav Bhagat in 2017. It is an AI driven end-to-end contract lifecycle management platform. SpotDraft enables businesses to automate their contract analysis, contract management and contract creation processes.
021 Capital’s CEO Sailesh Tulshan said 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 1980s. They are re-imagining changing the way contracts will be analysed and reviewed in the future. Excited to be long-term partners with the SpotDraft team,” he said.
In its previous round, SpotDraft had raised seed fund of ₹3.5 crore from Hunch Ventures as its lead investor.
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