Despite being an important part of everyday dealings for most businesses and big-ticket purchases, negotiations and drafting of contracts can be tricky. Moreover, oversights can lead to unnecessary costs or loss of revenue in the long run, and can end up being a drain on company resources. Enter SpotDraft, an artificial intelligence-powered platform that uses advanced machine learning algorithms to automate drafting and negotiating of legal contracts. The Gurgaon-based startup, run by Draft Spotting Technologies Ltd, provides solutions to complex legal dealings, including drafting, managing and storing paperwork online, analysing contracts and automating invoices, besides sending reminders and offering expert advice on legal compliances. Launched by Harvard Law graduate Shashank Bijapur and former Google Classrooms tech lead Madhav Bhagat, SpotDraft not only makes life easy for users, but is also Goods and Services Tax-compliant.

The network which recently partnered with Silicon Valley-based startup accelerator Plug and Play, eyes big growth potential in this space and has already made investments in startups like vPhrase and ConfirmTkt. It is set to announce one more investment in this vertical in the next one month, reports ET. Commenting on the investment plans, Apoorv Ranjan Sharma, President, Venture Catalyst, said, "We believe AI is going to hugely impact all verticals of business and will be critical for those like ecommerce since the algorithms developed by such companies have the power to read data in a much faster and efficient way, impacting business decisions and saving both time and costs." Sharma has already invested in couple of AI startups for example ConfirmTkt which has developed an algorithm to predict whether a ticket booked is likely to be confirmed or not. "Currently all online ticket-booking platforms allow ticket bookings but there is no mechanism to predict whether it will be confirmed or not," Sharma adds further.