DraftWise Announces $20 Million Series A Funding Round

DraftWise, an AI-powered contract and negotiation platform for attorneys, has introduced a $20 million Collection A funding spherical led by Index Ventures, with further help from present buyers Y Combinator and Earlybird Digital East Ventures.

The brand new financing will permit DraftWise to additional strengthen and increase its industry-leading Contract Intelligence platform, which makes use of generative AI to assist companies create higher-quality contracts in much less time by empowering each lawyer with prompt entry to the agency’s collective institutional information and information. The platform is acknowledged as an important asset by prime legislation companies in North America, Europe, and Australia, with clients hailing it as a mission-critical instrument that elevates each a part of the contract and negotiation course of.

DraftWise’s clients, which embody many attorneys at Vault 10, AM Legislation 100, Magic Circle, and Seven Sisters companies, use the platform each day to entry historic and institutional information, akin to a long time of deal historical past, market tendencies, and shopper and counterparty-favored phrases, that helps them make extra knowledgeable selections when drafting and negotiating contracts, main to higher outcomes for his or her shoppers. DraftWise permits associates to simply and securely entry their agency’s cumulative information and information straight within the paperwork they’re already working in, enabling them to supply higher-quality work on their very own. This reduces the danger of small errors that may have outsized operational and monetary prices and frees up companions, who would possibly in any other case spend time correcting affiliate work, to give attention to offering one of the best service for shoppers.

“We’ve piloted a number of generative AI options and Draftwise actually stands out,” says Wendy Curtis, Chief Innovation Officer at Orrick. “The instruments saves our deal groups lots of of hours by enabling them to faucet information and spot tendencies with unimaginable pace and accuracy. Our attorneys give it excessive marks for worth and ease of use, and it’s shortly develop into an incredible use case for genAI expertise in our observe.”

DraftWise’s founding workforce pairs world-class AI and engineering capabilities with deep {industry} experience, together with an intimate understanding of the big and small challenges attorneys face each day. Former Palantir engineering leaders James Ding and Emre Ozen teamed up with Ozan Yalti, a Stanford Legislation graduate who has practiced at prime international companies like Clifford Probability, to discovered the corporate in 2020. They acknowledged that contracts are inherently data-rich. Legislation companies sit on mountains of information—a long time of deal historical past, market tendencies, and shopper and counterparty-favored phrases. DraftWise helps legislation companies harness the ability of their information, permitting them to work extra effectively and successfully by enabling attorneys to entry their agency’s collective information and historic work in a matter of seconds.

“Contracts are the lifeblood of the authorized career, but their potential has been constrained by the danger of human error and restricted entry to information on the time of drafting,” stated James Ding, Co-Founding father of DraftWise. “Our expertise not solely streamlines these processes, but it surely arms the lawyer with their agency’s greatest language and institutional information, elevating the standard of labor product and permitting attorneys to give attention to what they do greatest – advocating for his or her shoppers.”

Headquartered in New York Metropolis, DraftWise is a rising international workforce with workers in main cities and international locations around the globe. The Collection A financing will help continued funding in engineering, product, and buyer experience, together with strategic funding in development geared toward increasing the corporate’s attain and serving to it fulfill its promise to clients.

“The DraftWise workforce has the right complement of AI experience, authorized expertise, and customer-obsession which are mandatory to construct a instrument that will likely be extensively adopted and utilized by attorneys of their day-to-day duties,” stated Martin Mignot, Accomplice at Index Ventures. “The suggestions we heard from their early clients has been excellent and we’re excited to accomplice with them to assist them attain out to extra clients and proceed to increase their product right into a full-fledged intelligence platform used throughout the authorized {industry}.”