Robert Ambrogi BlogElevator Pitch: ContractKen is building the next generation contract drafting & review solution called ReviewKen. It combines our customer’s existing knowledge (playbooks, checklists, guidelines & clause libraries) with best-in-class AI (including Large Language Models) and delivers the information, insights & suggestions within Microsoft Word. We want to make tech work for lawyers instead of trying to make lawyers learn new tools and platforms.
What makes you unique or innovative? Most contract review & management tools take a generic rules automation / pattern detection / workflow automation approach since they address a broader set of users, and not just lawyers. At ContractKen, we want to go deep and understand the typical problems & working environment around contract review/drafting processes. We are partnering with expert contract lawyers to build an intuitive solution which can handle extensive diversity that exists in playbooks, checklists, guidelines, etc.
What problem do you solve? Lawyers often must keep 3-4 documents / spreadsheets / reference sites open while reviewing or drafting a contract and assess whether the two clauses being compared are syntactically and semantically similar. This is not only inefficient but also error prone. Our product – ReviewKen solves the problem of syntactic comparison with your reference docs using intuitive design of our Word Add-in and the problem of semantic comparison using latest AI.
Your competitors? ThoughtRiver, DocJuris, Lexion, SpeedLegal/Rally, etc.
Demo video: https://www.loom.com/share/adcfc006397f48f1b1f90f86853cfe38
Founded: 8/1/2021, Delaware.
Target customer. Large law firms. Law departments of mid-large companies.
Price. We provide custom pricing to our customers because there is a significant customization & configuration effort upfront. When we have 10+ customers (and 50+ monthly active users), we will launch a more ‘self-service’ type of pricing.
Expected 2022/2023 gross revenue? Less than $1M/Less than $1M
Number of users/paying customers? < 100/< 20
Traction to date. We have ~100 end users (mostly across various inhouse & small law firms) who have signed up for trial use. Out of these, we have ~15 paid customers, including 1 AM Law 100 firm. Our MRR (Monthly Recurring Revenue) is ~5K USD.
Plan for growth over next five years. We want to build long term capabilities on two dimensions – defining standards and implementing standards. In the first 24 months, we want to establish ContractKen as a serious product which enables lawyers to implement a variety of guidelines, playbooks, checklists, (across client/practice/departments /firm/industry) etc. for contract drafting, review & negotiations. Eventually, we want to work with industry ecosystem, our clients and academia to organize and define the standards that should be best deployed in various contracting situations. We believe, there is a significant opportunity to build products which allow for companies to define their contracting standards effectively and implement them efficiently.
Outside funding. Less than $1M in outside funding
Describe any ways in which your company is diverse or promotes diversity. We are an equal opportunity employer. We have a small albeit a healthy mix of stakeholders in our team, across gender, nationality, ethnicity, educational background, etc. We place special emphasis on engaging female leaders across all teams/functions. Some examples of this are: One of our key advisors is an engineering leader at Google Zurich, one of our key consultants is a young female web developer in Mumbai, India, one of our key legal advisors is a female Japanese American lawyer at a boutique NY law firm.