 "SpotDraft raises $1.5-mn funding led by Binny Bansal-backed 021 Capital")
Legal-tech start up SpotDraft Friday said it has raised $1.5 million (about Rs 11 crore) led by Binny Bansal and Sailesh Tulshan's fund - 021 Capital.
The pre-series A round also saw participation from Girish Mathrubootham (Frshworks co-founder), Hunch Ventures founder Karanpal Singh, Indus Khaitan (Chief of Growth at Chargebee), Google VP Engineering Peeyush Ranjan, and Singapore Angel Network (SAN), a statement said.
"With 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 added.
Using artificial intelligence and 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 various details.
"Our platform can help companies create, analyse and manage legal contracts, all with zero human intervention," SpotDraft co-Founder and CEO Shashank Bijapur said.
Founded in 2017 by Bijapur and Madhav Bhagat (CTO), SpotDraft had raised seed fund of Rs 3.5 crore ($5,50,000) from Hunch ventures as its lead investor.
The other investors backing the project were Spiral Ventures, 500 Startups, SAN, and Satyen Kothari (Citrus Payments founder).