The Australian government has granted a $500,000 innovation award to legal technology startup thedocyard, which provides a one-stop-shop for deal management, as part of a wider push to transition the economy from one based on mining and resources to ideas and technology.
The Department of Industry, Innovation and Science has committed to deliver the funding under the element of the Entrepreneurs’ Programme, which is designed to help cover the costs of taking “novel products, processes and services to market.”
thedocyard was founded in mid-2015 by CEO Stuart Clout (pictured), formerly a partner at Colins Biggers & Paisley, who wanted to come up with a solution that incorporated all of the workflows associated with corporate and commercial transactions from start to finish in a single solution. It launched in Australia in early 2016 focusing mainly on law firms and large corporates.
“I am super proud of the team at thedocyard and want to say a huge thank you to the Department of Industry, Innovation and Science for its vision in building a tech-enabled Australian economy,” Clout said.
“These are highly competitive grants, so we are extremely proud to have secured this funding so we are able to continue to take our world-leading deal technology to the world’s dealmakers.”
thedocyard says it is currently being used in over 200 professional service firms and corporations across five countries, with $13 billion worth of deals currently being transacted on the platform.