Two months after elevating $26 million in Collection A funding, SpotDraft, a cloud-based contract lifecycle administration platform for in-house authorized groups, is right this moment launching a deep integration with Microsoft Word that it says will simplify the contract drafting and evaluation course of for companies of all sizes.
Developed in partnership with Microsoft, the combination makes Microsoft Phrase the first editor on the SpotDraft platform, enabling customers to entry Phrase’s full suite of capabilities from straight inside SpotDraft.
SpotDraft customers can now draft and edit contracts utilizing the acquainted Phrase interface whereas additionally leveraging SpotDraft’s AI-assisted enhancing and collaboration options.
Whereas it is not uncommon for CLM platforms to supply doc enhancing, many construct their very own cloud-based editors, which lack the options and familiarity of Phrase. By integrating with Phrase, SpotDraft provides its prospects the power to work within the doc editor they’re already comfy with, and within the .docx format that ensures compatibility.
“By combining Microsoft Phrase’s acquainted and intuitive interface with SpotDraft’s AI-powered CLM platform, we’ll present companies with an much more environment friendly and user-friendly solution to evaluation and handle their contracts,” mentioned Shashank Bijapur, cofounder and CEO of SpotDraft.
Phrase is built-in with SpotDraft’s Job Heart, offering superior revision and commenting options, together with the power to categorise feedback as duties, assign staff members for evaluation, and set reminders and due dates. SpotDraft additionally permits customers to categorise feedback on the doc as inner or exterior, guaranteeing that feedback are seen solely to these they’re meant for.
“We’re excited to empower authorized groups with purpose-built know-how to allow them to deal with what they do finest,” mentioned Rohith Salim, cofounder and chief product officer at SpotDraft. “With SpotDraft’s best-in-class CLM options and our partnership with Microsoft, we’re assured that authorized groups can unlock new methods to collaborate with their groups and drive direct enterprise impression.”
To make use of the combination, a SpotDraft consumer goes to a selected contract throughout the platform and clicks Edit. That opens the doc in a brand new window in Phrase, exhibiting the editor view.
This Phrase view has SpotDraft options layered on prime of it, together with a facet panel, known as DraftMate, that reveals all feedback on the draft, with separate tabs permitting a consumer to toggle between exterior feedback and staff feedback. The consumer, when including a remark, can direct it to both exterior events or, by tagging it “Crew,” disguise the remark from counterparties. Customers can notify staff members of feedback or choose particular staff members to be notified.
The DraftMate view inside Phrase features a Job Heart that reveals all duties associated to the contract and the place customers can convert feedback to duties and assign them to themselves or others on their staff.
When the consumer saves the doc in the course of the enhancing session, all modifications as much as that time are saved in SpotDraft and a brand new model is created.
Nonetheless to return, the corporate says, is the combination of SpotDraft AI inside Phrase. This built-in AI will embody clause matching, permitting a consumer to spotlight a clause and discover variations of it throughout the corporate’s whole clause library, after which shortly make modifications to the draft primarily based on the instructed variations.
“SpotDraft is constructed on the ideas of simplicity, effectivity, and innovation,” the corporate mentioned in a blog post today. “By integrating Phrase into our platform, we’re infusing these values into our providing, supplying you with the ability to create, collaborate, and handle authorized paperwork in a well-known and trusted atmosphere.”
In March, SpotDraft announced that it had raised $26 million in a Collection A funding spherical. The spherical was led by Premji Make investments, with participation from Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, and 100x Entrepreneur Fund.
The corporate mentioned that the funding was earmarked for additional product improvement and aggressive progress in North America.