DraftWise, a New York, NY-based AI-powered contract and negotiation platform for legal professionals, raised $20 million in Series A funding.
SaaS Investors
The round was led by Index Ventures and bolstered by existing investors Y Combinator and Earlybird Digital East Ventures.
Index Ventures is a venture capital firm based in London, San Francisco, and Geneva, helping entrepreneurs turn bold ideas into global businesses. Founded in 1996, the firm seeks to invest in companies operating in artificial intelligence, machine learning, business applications, data, entertainment, fintech, the future of work, healthcare, media, mobility, open source, retail, security, and talent sectors.
DraftWise Use of Funds
The company will use the funds to fuel the advancement and expansion of DraftWise's Contract Intelligence platform, which leverages generative AI to facilitate the creation of higher-quality contracts in less time. The funding will also fuel further investment in engineering, product development, and customer expertise. Additionally, strategic growth initiatives will enable DraftWise to expand its reach and deliver on its commitment to customers.
About DraftWise
Founded in 2020 by James Ding, Emre Ozen, and Ozan Yalti, DraftWise is a legal company that specializes in contract drafting and negotiation solutions. The company is on a mission to transform the legal industry by harnessing the power of AI. Utilizing machine learning, natural language processing, and data analytics, DraftWise automates legal work, including document drafting, contract analysis, and negotiations. With its AI-powered drafting and negotiation software, DraftWise equips lawyers with data-driven intelligence that significantly enhances the entire contract workflow, from the initial draft to client success.
Funding Details
Company: DraftWise, Inc.
Raised: $20.0M
Round: Series A
Funding Month: March 2024
Lead Investor: Index Ventures
Additional Investors: Y Combinator, Earlybird Digital East Ventures
Company Website: https://www.draftwise.com/
Software Category: Legal
Source: https://www.draftwise.com/news/draftwise-announces-20-million-series-a