Company Research Report: SpotDraft
Company Overview
- Name: SpotDraft
- Mission: SpotDraft aims to revolutionize contract management by automating routine legal tasks and freeing teams to focus on innovation and growth.
- Founded: 2017
- Founders: Shashank Bijapur, Madhav Bhagat, and Rohith Salim
- Key People:
- Shashank Bijapur — CEO and Co-Founder
- Rohith Salim — CPO and Co-Founder
- Madhav Bhagat — CTO and Co-Founder
- Akshay Verma — COO
- Mohammad Moiz — VP, Customer Success
- Akshay Doshi — VP, Business
- Meghna Raghunathan — VP, Design and Experience
- Matthew Stein — Head of Marketing
- Supin Prem — Director, Legal Tech
- Headquarters: New York, USA and Bengaluru, India
- Number of Employees: No information is available
- Revenue: No information is available
- Known For: SpotDraft is known for its AI-driven contract lifecycle management platform, offering solutions for contract creation, review, management, and e-signatures.
Products
SpotDraft Suite of Products
1. SpotDraft CLM:
- Description: A contract lifecycle management system that simplifies and automates contract-related tasks to close deals faster.
- Key Features:
- Automated contract generation and approval processes
- Centralized contract repository
- Compliance and legal standards integration
2. VerifAI Contract Review:
- Description: An AI-driven contract review tool designed to expedite the contract review process.
- Key Features:
- AI-powered contract review and redlining
- Compliance checks integrated within Microsoft Word
- Automated contract review playbooks
3. SpotDraft Clickthrough:
- Description: Facilitates effortless contract acceptance for high-volume contracts.
- Key Features:
- Streamlined contract acceptance procedures
- Integrations with various platforms for enhanced functionality
4. SpotDraft Sign:
- Description: A digital signature solution integrated within SpotDraft CLM for secure contract executions.
- Key Features:
- Fully compliant with global electronic signature standards
- Real-time progress tracking
5. SpotDraft Repository:
- Description: A single hub to store and manage all contracts with AI-extracted metadata for efficient organization and search.
- Key Features:
- Full-text search with customizable views
- Encryption and access control for enhanced security
Recent Developments
- New Products & Features:
- VerifAI Launch (Oct 2023): Generative AI-powered tool launched to automate contract reviews, providing instant insights and compliance checks.
- Advisory Board Formation (Sep 2024): SpotDraft announced the establishment of an Advisory Board to drive legal innovation.
- Awards and Recognition:
- Fast Company’s Most Innovative Companies 2024: SpotDraft was named among the most innovative companies in the Asia-Pacific region.
- Notable Events:
- New appointment of Akshay Verma as COO, bringing extensive experience from Meta and Coinbase to enhance company operations.
- SpotDraft raised $26M in funding to further develop and expand their AI-powered contract management solutions (March 2023).
- Strategic Developments:
- Expansion of integration capabilities with popular third-party platforms including Salesforce, Google Drive, DocuSign, and Slack, to streamline contract management processes across different business functions.
By continuously advancing its platform with AI-enhancements and strategic appointments, SpotDraft remains committed to transforming the legal tech space and fortifying its position as a key player in contract management innovation.
