Legitt AI: Revolutionizing Contract Management with AI and Blockchain

DENVER, Del. - June 21, 2023 - PRLog -- Legitt AI, an AI-first SaaS platform, is poised to transform the contract management landscape with its innovative approach. Leveraging the power of artificial intelligence (AI) and blockchain technology, Legitt AI offers clients an intelligent assistant that enables them to create, sign,  and track contracts with minimal human interaction.

Unlike traditional contract management solutions that focus solely on the signing process, Legitt AI recognizes that the true value of a contract lies in its post-signing lifetime. With an estimated 90% of a contract's lifecycle occurring after signing, businesses often face challenges in managing and tracking their contractual obligations efficiently. This often leads to missed deadlines, fines, and penalties. Legitt AI addresses these pain points by converting contracts into programmable live entities, allowing businesses to proactively review and analyze key clauses while also suggesting additional or missing clauses to safeguard their interests.

Founded in 2022 by Harshdeep Rapal and Ravi Baranwal, Legitt AI is set to officially launch its platform in January 2023. The startup has already garnered attention within the industry, raising a pre-seed round of USD 100K in late 2022. Notably, Legitt AI has achieved operational profitability in June, boasting an impressive Annual Recurring Revenue (ARR) of USD 130K.

Harshdeep Rapal, a serial tech entrepreneur, explains the motivation behind Legitt AI, stating, "Contracts are an integral part of every business, yet the current process of creating, signing, and tracking contracts is deeply flawed, burdened with inefficiencies and excessive overheads." Rapal emphasizes that Legitt AI acts as a member of the team, tirelessly working 24/7 to track contracts and streamline the process.

Contrary to concerns about job displacement, Ravi Baranwal, co-founder and technology enthusiast, clarifies that Legitt AI empowers contract, legal, and business teams, rather than replacing them. "Legitt AI significantly accelerates contract management processes that traditionally took days or weeks, transforming them into seamless interactions that can be accomplished in seconds," Baranwal adds.

With an impressive roster of enterprise clients, including one of the world's largest beverage manufacturers and a prominent mortgage lending firm, Legitt AI has already made a significant impact in the market. The startup has a waitlist of over 30 large customers eagerly anticipating onboarding. Recognizing the need to scale rapidly, Legitt AI is in the process of raising an additional USD 500K to expand its team and further enhance the capabilities of AI and Smart Contracts.

As part of its ambitious growth plans, Legitt AI aims to achieve an ARR of USD 500K by the end of this year. The startup is confident that its cutting-edge technology and commitment to transforming the contract management landscape will position it as a market leader in the rapidly evolving world of AI-driven solutions.

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