This 11-page pitch deck scored a contract-management startup $15.3 million for its Series A
"'Enterprise' and 'lifecycle' are the two key words with which we differentiate ourselves," Malbek's CEO and co-founder, Hemanth Puttaswamy, told Insider."Our solution is deployed not just to legal teams, but also sales, procurement, finance, HR, marketing… pretty much across the entire enterprise."
The AI used to analyze and draft contracts reduces legal teams' time spent on contracts by half, freeing them up for other work. It can also streamline the workflow by determining which person should review a certain provision based on AI analyses, further saving time, according to Puttaswamy. "There's a lot of whitespace out there with automation," he said."Three out of four customers that we sold to did not have a CLM system in place."
One customer was able to draft its contracts in just 5 minutes, down from the usual 48 hours. Another executed 70% of its contracts entirely without the legal department's help.Differentiate Malbek from its competitors"From the outside, it looks like there are many players. But there are actually not as many as it seems, because there are different vendors for different needs," Puttaswamy said.
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