SpotDraft raises $1.5mn in funding led by Binny Bansal-backed firm

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.

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"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.