Onit a US leader in enterprise workflow automation and AI solutions, has acquired Axdraft, a Ukrainian startup and Y Combinator graduate focusing on document automation.
While the details of the transaction were not disclosed, Onit announced the business will still led by co-founder Yuriy Zaremba while co-founder Oleg Zaremba will serve as CTO of AXDRAFT.
Axdraft claims its software “helps corporate legal departments draft legal documents 10 times faster and complete contracts like non-disclosure agreements and service agreements in less than five minutes.”
The company has developed a proprietary algorithm with “streamlined and extensible document drafting” in many languages, including Chinese and Japanese. The technology, which allows for live document preview and data integrations, “transforms a document of any complexity can be into a simple Q&A process.”
“With AXDRAFT, we offer lightning-speed, error-free and multilingual contract drafting,” stated Eric M. Elfman, CEO and co-founder of Onit — which offers, among others, solutions for enterprise legal management, contract lifecycle management and business process automation.
“Disruption is in Onit’s DNA,” he said, seeing in Axdraft “a disruptor to old-line businesses in the document generation space.”
Founded in 2017 Axdraft has registered its headquarters in San Francisco — like many other Ukrainian startups — even though it is still based in the Ukrainian capital.
Since its inception, the startup has raised a total of $1.4 million in funding over four rounds, the CrunchBase database indicates. The latest funding ($1.1 million) was raised in the USA in April 2019, valuing the startup at $10 million. The investors included the online VC firm FundersClub and their affiliate FCVC, SCM Advisors, as well as Nick Bilogorskiy, Matt Macinnis, Ragnar Sass and a few other individual investors from Silicon Valley.
