LegalTech News – Clifford Chance Launch Intelligent Solutions to Supercharge Creation of Early-Stage Financing Documents

/ Law Firms, Press Releases / / By
software documentation

25 May 2021 – Powered by LawFuel

Leading international law firm Clifford Chance has launched Intelligent VIMA Solutions, a series of solutions that automate and generate documents based on the industry standard Venture Capital Investment Model Agreements (VIMA) suite launched by the Singapore Academy of Law (SAL) and the Singapore Venture Capital and Private Equity Association (SVCA). Clifford Chance was part of the Working Group which developed and introduced VIMA, which is based on Singapore law.

Kai Schneider, Singapore Managing Partner, Clifford Chance, said, “The launch of Intelligent VIMA Solutions is a great example of how our Create+65 innovation lab has harnessed the power of legaltech to transform the delivery of legal services. It is our hope that wider adoption of VIMA, now made easier through user-centric chatbots and auto-fill questionnaires, will help further reinforce Singapore’s position as a leading start-up hub in South East Asia, and encourage the development of legal technology and innovation.”

Developed with input from Clifford Chance’s Create+65 start-up community, the simple and easy-to-use Intelligent VIMA Solutions enable entrepreneurs, venture capital firms and angel investors to quickly generate and customise a first draft of essential documents in the early stage financing of a start-up, such as Non-Disclosure Agreements, as well as fundraising and shareholder agreements[1]. Intelligent VIMA Solutions are available to use directly on the Clifford Chance website here.

Shanice Choo, Legal Innovation Advisor, Clifford Chance Create+65, said, “A common challenge that start-ups face is how to navigate the legal documentation for early stage financing. By adopting a co-design approach with our Create+65 start-up community, we were able to empathise with and understand how to make those documents more accessible to first-time entrepreneurs and investors. The result? Automated document solutions designed with the end-user in mind.”

Joshua Wong, Founder and CEO, Hypotenuse AI, a Y Combinator-backed AI start-up said, “Create+65’s Intelligent VIMA Solutions simplifies the complexity of documents relating to a Series A round, which proves to be exceptionally useful for start-ups like ours. We use Non-Disclosure Agreements (NDAs) on a frequent basis, so crafting agreements are tedious. Using Intelligent VIMA Solutions halves our time spent creating an NDA, allowing us more time to focus on building our product. Without any prior legal knowledge, our team was able to come up with a ready first draft since legal terms are translated to easily digestible, layman terms.”

To mark the launch of Intelligent VIMA Solutions, Clifford Chance recently partnered with Temasek, one of the members of the Working Group, the SAL and the SVCA to introduce and demonstrate the solutions to an audience of entrepreneurs, corporates, VCs and angel investors.

Since its launch in 2018 in Singapore, Create+65, Clifford Chance’s first innovation lab, has demonstrated a track record of piloting legal technology solutions including, Automation Academy, a cutting-edge legal automation training programme, and the CompareNow precision text comparison tool.

[1]  Legal advice should still be sought. VIMA documents are intended to serve as a starting point for discussion, where relevant documents should be tailored to meet the specific legal and commercial requirements of the contemplated transaction. No document or information provided in VIMA should be construed as legal advice (including for any fact or scenario described in such documents or any assumptions made in relation to such documents).

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