Spotdraft raises $1.5M funding led by Binny Bansal-backed 021 Capital
economictimes | February 21, 2019
Gurugram-based Spotdraft, which applies artificial intelligence (AI) to extract intelligence from legal documents, has raised $1.5 million in pre-Series A funding led by Binny Bansal-backed 021 Capital, along with participation from Freshworks co-founder Girish Mathrubootham and Google executive Peeyush Ranjan among others. Spotdraft will utilise the funding to grow its footprint in global markets, targeting both large as well as small and medium enterprises who are looking to cut their legal expenses. The firm uses AI to sweep through legal documents, identify clauses, see if they adhere with local laws and flag potential mistakes along with remedies that can be applied. “If cars have started driving themselves, why do you have to pay lawyers thousands of dollars to just copy paste words onto a page? Our platform can help companies create, analyse and manage legal contracts, all with zero human intervention,” said Shashank Bijapur, co-founder and CEO of Spotdraft.