Introducing: VerifAI by SpotDraft

Not many know this, but the origins of SpotDraft as it exists today lie in a product that we called RAG. RAG or Red-Amber-Green was an early attempt, way before the dawn of generative AI and large language models, at an AI-driven rulebook designed to flag risk in contracts.

RAG was an honest attempt at solving a problem that we thought was pressing. However, like many first drafts in the startup world, it had its imperfections. But here's the thing about startups - they're not about getting it right the first time; they're about iterating, learning, and pivoting. The itch remained though. We set out to solve a problem, and we didn’t succeed. It was bold, it was new, but it wasn't the endgame. It was a precursor, a lesson that paved the path for what we're about to unveil today.

Today, at the SpotDraft Summit in New York City, we’re excited to launch VerifAI.

VerifAI is a Microsoft Word Add-in that helps you review contracts faster. It uses generative AI to review contracts against your personal, and organizational standards, and answer your open-ended questions.

And for the first time ever, you don’t need to be a SpotDraft customer to use it - we’re opening up access to everyone!

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Why did we build VerifAI?

When you take a step back and look at the tech landscape in 2023, it’s striking to observe the domains where innovation seems to have taken a hiatus. Despite the quantum leaps in technology elsewhere, lawyers have found themselves bound to processes scarcely more advanced than what existed in the mid-'90s.

That’s been changing recently, particularly with the excitement around the newfound capabilities of Generative AI. At SpotDraft, we agree with the prevailing sentiment that AI is exciting and full of possibilities - that’s why we’re building with it. But AI isn’t magic. If you take a look under the hood, large language models match patterns at scale, and sort data faster than any human could to give you the “most likely answer” to your question. That comes with limitations - particularly in the legal profession, where the stakes are always sky-high.

We know that trust in the legal world isn't given; it's painstakingly earned. That’s why we built VerifAI with a commitment to three pillars: Speed, Accuracy, and Security. But beyond these pillars, there's an inherent promise—to augment, not replace, the keen human judgment that legal professionals bring to the table.

In our view, artificial intelligence is simply a tool, and like any tool, it's as good or as bad as the hands wielding it. While AI has a lot going for it, particularly in terms of the sheer volume of data models can process, it lacks a few things that lawyers have honed for years - judgment, empathy and nuance. That’s why we chose to build a product that augments your abilities, rather than attempting to replace them.

With VerifAI, we’re not pretending to be magical. We’d much rather be something far more valuable - useful.

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So what does VerifAI actually do?

1. Review Contracts in 1 Click

VerifAI lets you use plain english to codify your unique approach into customized review guidelines. It then reviews contracts against these guidelines, and highlights deviations.

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