AI-powered legal-tech startup SpotDraft raises USD 550K in seed round
Founderss: Shashank Bijapur, Madhav Bhagat
Founded in: 2017
Financing status: USD 550K for seed round in 2017
Gurgaon-based, AI-powered contract automation startup SpotDraft has raised USD 550,000 in a seed funding round led by venture capital firm Hunch Ventures. The round also saw participation from Japan’s Spiral Ventures, U.S.-based 500 Startups, Singapore Angel Network, and Satyen Kothari, founder of Citrus Payments and Cube.
SpotDraft was founded in 2017 by Shashank Bijapur and Madhav Bhagat. Bijapur, a Harvard Law School alumnus, was previously the head of customer experience & innovation at RupeePower, India’s marketplace and customer acquisition platform for retail loans and credit cards. Bhagat, a Carnegie Mellon alumnus, was previously the CEO of tech company CoderBhai. He also worked at Google and Microsoft before.
SpotDraft is an AI-powered contract automation platform. It enables users to draft and sign customizable contracts online, generate invoices, send reminders, and collect payments. The startup claims to have processed more than 1,000 contracts thus far.
The startup will use the newly raised investment to promote its product and scale up the business.
Other players in the legal-tech area in India include Vakilsearch, LegalRaasta, MyAdvo, LawRato, HiGrit, among others.
(Top photo from Pixabay)