SpotDraft, a legal-tech startup based out of Gurgaon, has announced that it has secured ₹3.5 crore in its seed funding round, led by venture capital firm Hunch Ventures.
Apart from Hunch, other investors that participated in the round include Japan-based Spiral Ventures, 500 Startups, Singapore Angel Network and Citrus Payments founder Satyen Kothari.
The company will use the proceeds of this funding round to scale up its business and for marketing the product locally. It will also spend money to bolster the startup’s presence in the contract automation sector.
T founders are also looking at possibility of expanding the scope of SpotDraft’s technology to provide the user with the gist of the ‘good, bad, ugly’ in the contract.
SpotDraft is an Artificial Intelligence-driven end-to-end contract lifecycle management platform. It was launched in January this year by Harvard Law School graduate Shashank Bijapur and Ex Googler Madhav Bhagat.
The platform is currently aimed at small businesses and freelancers to help them draft solid contracts, send automated invoices and payment reminders. Going forward, the AI platform will be able to read through contracts, organise, manage and analyse them.
It aims to help companies manage their legal work at a fraction of the cost and time. The company claims that apart from allowing users to create a contract in less than 10 seconds, it also allows users to sign it online, send automated invoices which are GST compliant, and send payment reminders.
As per the company, whose platform is still in beta phase, claims to have managed to get about 6,000 signups on its platform and processed close to 3,500 contracts.