The platform employs generative AI to streamline the creation of contracts
DraftWise, a New York-based company specializing in AI-powered drafting and negotiation software for the legal profession, has recently announced the closure of its $20 million Series A funding round.
Led by Index Ventures, with contributions from Y Combinator and Earlybird Digital East Ventures, this funding aims to enhance DraftWise’s contract intelligence platform. The technology employs generative AI to streamline the creation of contracts, granting lawyers immediate access to extensive institutional knowledge and data.
Serving as a critical tool for prominent law firms in regions including North America, Europe, and Australia, DraftWise’s platform offers users the ability to draw upon a repository of deals, market trends, and preferred terms. This feature aims to help lawyers make informed drafting and negotiation decisions, ultimately benefiting client outcomes. Moreover, the technology allows for secure retrieval of a firm’s collective data to reduce potential errors and operational costs.
"We've piloted several generative AI solutions and Draftwise really stands out,” says Wendy Curtis, chief innovation officer at the law firm 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."
The founding team, consisting of former Palantir engineers James Ding and Emre Ozen, along with Stanford Law graduate and experienced lawyer Ozan Yalti, established DraftWise in 2020.
James Ding, co-founder of DraftWise, commented “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.” Ding emphasized that DraftWise helps lawyer with their firm's best language and institutional data in order to elevate the quality of work product.
DraftWise aims to use the Series A investment to further invest in its engineering, product development, and customer service capabilities, while also pursuing strategic growth to extend its market reach.
