Premji Invest leads $26m round for India's SpotDraft

Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, and 100x Entrepreneur Fund also participated. Premji Invest is the family office of Wipro Group chairman Azim Premji.

It builds on about USD 2m in seed funding across rounds in 2019 and 2017 featuring 021, 500 Global, Singapore Angel Network, Hunch Ventures, Citrus Pay, and Spiral Ventures of Japan.

SpotDraft’s artificial intelligence-enabled system is said to have processed more than 1m contracts and freed up some 1.5m hours previously spent on tedious paperwork. Customers include Airbnb, Notion, Panasonic, Strava, and Chargebee.

The technology is said to speed up various aspects of the contract review and management process by as much as 25%. This is achieved through support such as providing a quick summary of tracked changes received, enabling semantic search across contracts, and generating follow-up tasks on contract execution.

The company notes that it can be used not just by legal teams but also in sales, marketing, human resources, business operations, and procurement. The service also includes an app that integrates with tech stacks such as Salesforce, Hubspot, Slack, and Google Drive.

“Apart from dealing with legal work, today’s legal teams are expected to be leaders in everything from business strategy and governance to compliance and risk management. However, they’re often being asked to do all of this with one hand tied behind their backs,” CEO Shashank Bijapur said in a statement.

“We like to think of what we are building as a co-pilot for legal teams - a system that acts as a strategic partner for in-house counsels by taking care of the repetitive tasks and thereby enabling them to focus on higher leverage activities.”

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Technology
• Early-stage
• India
• Premji Invest
• Arkam Ventures
• enterprise software
• artificial intelligence