Goto

Collaborating Authors

 start-up spotdraft test new water


Start-up SpotDraft tests new waters with AI-powered business

#artificialintelligence

CHENNAI: Drafting legal contracts -- be it employment documents or the highly complex merger agreements -- has been a constant pain for larger corporates. For smaller enterprises that may not be able to hire legal organisations to vet such documents in detail, it is even harder to manage and map laws to particular contracts. With the development of Artificial Intelligence, legal contract mapping and management has been automated to a large extent and is turning out to be an area of growth for technology start-ups such as SpotDraft, which makes about $5 million in revenue every month. Amid Indian players like VakilSearch, Legal Desk and Near Law, SpotDraft is one of the first few to provide contract management services using Artificial Intelligence. The legal tech start-up, founded by Harvard Law School graduate Shashank Bijapur, along with Madhav Bhagat, a former software developer at Google, looks to expand its operations from its home base in India to European countries, Singapore and Hong Kong, among others, this year to cash in on the rapid growth in the $80 billion contract automation market.