They simplify contract completions – The Times of India

During a late-night contract review session, Shashank Bijapur recognised the pressing requirement for an efficient contracting solution for legal teams. At a time when entrepreneurs were making driverless cars a reality, lawyers were still manually handling contract documentation. In 2017, the Harvard Law alumnus collaborated with Madhav Bhagat, a Carnegie Mellon graduate and former Google engineer, to establish SpotDraft.
➤ The leadership team expanded when another Carnegie Mellon alum and software engineer Rohith Salim joined as chief product officer (CPO), followed by Akshay Verma, a legal industry expert who was in Coinbase and Meta, who is now COO.
➤ Legal teams spend about 60% of their time reviewing contracts. Swift contract completion can significantly improve organisational efficiency. SpotDraft is a contract lifecycle management platform (CLM) that removes procedural delays, speeds up approvals, and maintains compliance standards. It offers insights into contracting processes for improved efficiency. Shashank said, “We’re like the Salesforce of contract management.”
➤ The platform includes AI-supported redlining, e-signatures, intelligent contract repository, third-party documentation, and clickwrap agreements (agreements you accept by clicking a button or checking a box). The AI tool was developed with input from numerous legal specialists. It accelerates contract reviews and enables customised playbook creation.
➤ SpotDraft is today a 250-people team across Bengaluru and New York. It serves more than 400 organisations. The company has secured $80 million in funding from investors including Vertex Growth Singapore and Trident Growth Partners.