TL;DR
Problem Statement: Contracts are a fundamental aspect of business transactions, yet they often suffer from inefficiencies, lack of transparency, and potential for disputes. Traditional contract management processes are time-consuming, prone to errors, and hindered by manual tasks.
Vision: Legitt AI envisions to build an assistive platform to empower organizations with intelligent tools that enhance efficiency, reduce risk, and improve collaboration and compliance in the contract lifecycle.
Long-Term Goals: Intelligent Contract Creation: Legitt AI Contracts aims to develop AI-powered tools that automate the contract creation process, leveraging natural language processing and machine learning algorithms to generate accurate and customized contracts based on predefined templates and specific business requirements and track and manage them with zero or minimal human intervention.
What is the core problem you are solving?
Managing & tracking contracts after they are signed. All contracts in the current form are dumb. They mean nothing until a human reads and interprets them. Even if a contract is expiring tomorrow, one won't come to know about it until a human reads the contract today. Legitt is building an AI-first platform that helps create, track and manage contracts which need zero or minimal human intervention. This saves overhead costs, plugs revenue leakage, avoids penalties and fines. Contract teams, legal teams and business teams face this problem and are elated to use Legitt AI.
What is your company's solution? Please describe your product or business and what it does / will do.
Legitt is an AI first application that acts as an assistant to Create, Sign, Track and Manage contracts. Legitt AI not only helps creating contracts in minutes, but also helps building workflows to manage pre-signing approvals, negotiations and sequential signatures. Once the contract is signed (or a signed contract is uploaded into Legitt AI), the application automatically picks up key clauses, milestones, dates and payment amounts and builds automated triggers and events. Once the alerts and triggers are built, Legitt AI manages the contracts with zero or minimal human intervention. Legitt AI empowers and increases the productivity of precision of business, legal and contract teams by 5-8X.
Founding story
The two co-founders of Legitt AI, Harshdeep Rapal and Ravi Baranwal, know each other since last 12+ years. We used to be colleagues working in the US consulting on large enterprise applications for Fortune 100 and 500 firms. Later, I founded two technology firms and Ravi went on to work for a large MNC where he built a document digitising product that currently does a million plus transactions a day. We both got together last year and started exploring ideas to work on. Finally zeroed in on the idea to solve the problem of contracts tracking and management using blockchain and AI. we did the MVP in July and raised our friends and family round in October. Built and launched the first version of the product in January and had our first paid customer in February. In June we are targeting an ARR of USD 120K+. This bring us in the list of some of the fastest growing SaaS companies in the world. Our initial thought was that only small teams and startups will use Legitt AI. But of late we have started on-boarding large enterprise clients as well. We are on track to reach an ARR of USD 500K by end of this year.
Company stage
Live, starting with a few clients
Have you raised money for your company?
Yes, with a pre-seed/seed
Call to actions, questions or suggestions for anyone reading this article?
We offer 50% off on all paid plans for the first 12 months for startups. Firstbase users can use a code FIRST50 and avail 50% discount.
How has Firstbase helped you and how can we improve?
Firstbase helped us in incorporating the company in the US and helped with compliance without spending too much time and effort and also within our budget.