Source: Accesswire
DraftWise, an AI-powered contract and negotiation platform for lawyers, today announced a $20 million Series A funding round led by Index Ventures, with additional support from existing investors Y Combinator and Earlybird Digital East Ventures. The new financing will allow DraftWise to further strengthen and expand its industry-leading Contract Intelligence platform, which uses generative AI to help firms create higher-quality contracts in less time by empowering every lawyer with instant access to the firm’s collective institutional knowledge and data. The platform is recognized as an essential asset by top law firms in North America, Europe, and Australia, with customers hailing it as a mission-critical tool that elevates every part of the contract and negotiation process.
DraftWise’s customers, which include thousands of lawyers at Vault 10, AM Law 100, Magic Circle, and Seven Sisters firms, use the platform every day to access historical and institutional knowledge, such as decades of deal history, market trends, and client and counterparty-favored terms, that helps them make more informed decisions when drafting and negotiating contracts, leading to better outcomes for their clients. DraftWise enables associates to easily and securely access their firm’s cumulative knowledge and data directly in the documents they’re already working in, enabling them to produce higher-quality work on their own. This reduces the risk of small errors that can have outsized operational and financial costs and frees up partners, who might otherwise spend time correcting associate work, to focus on providing the best service for clients.
“We’ve piloted several generative AI solutions and Draftwise really stands out,” says Wendy Curtis, Chief Innovation Officer at Orrick. “The tools saves our deal teams hundreds of hours by enabling them to tap data and spot trends with incredible speed and accuracy. Our lawyers give it high marks for value and ease of use, and it’s quickly become a great use case for genAI technology in our practice.”
“Contracts are the lifeblood of the legal profession, yet their potential has been constrained by the risk of human error and limited access to data at the time of drafting,” said James Ding, Co-Founder of DraftWise. “Our technology not only streamlines these processes, but it arms the lawyer with their firm’s best language and institutional data, elevating the quality of work product and allowing lawyers to focus on what they do best – advocating for their clients.”
Read full article: https://www.accesswire.com/842840/draftwise-announces-20-million-series-a-round-to-transform-the-legal-industry-with-ai-powered-drafting-and-negotiation-software
