Neota Logic, creators of a platform for rules-based legal process applications, has announced their collaboration with SeyfarthLean Consulting, a subsidiary of law firm Seyfarth Shaw, in development of the recently launched Disclosure Dragon software for the crowdfunding industry.
Disclosure Dragon is an advanced document assembly tool that assists companies and crowdfunding portals with the legal and financial disclosure required for offerings under the Jumpstart Our Business Startups (JOBS) Act of 2012.
“Neota Logic is very pleased to be collaborating with SeyfarthLean Consulting on this pioneering initiative,” said Michael Mills, CEO of Neota Logic. “SeyfarthLean Consulting’s service approach combined with our software’s expert systems capabilities will help small and startup companies find financing more easily and cost-effectively.”
Disclosure Dragon’s adaptive framework guides users step by step through detailed analysis of their businesses, and enables fast, accurate, inexpensive drafting of private placement memoranda and other documents. SeyfarthLean Consulting estimates savings in time and cost of up to 80 percent.
Seyfarth lawyer Georgia Quinn, who worked with the Seyfarth technology team to build Dragon Disclosure, said,
“It’s exciting to bring to market a product that clears a big hurdle for companies seeking to access the crowdfunding market, and thereby contributes to the JOBS Act’s goal of increasing ‘American job creation and economic growth.’”
“Disclosure Dragon provides the first streamlined and interactive platform to help automate legal analysis and documentation for the crowdfunding space,” said Andrew Baker, Director at SeyfarthLean Consulting. “We rely on Neota Logic Server for rapid application development and as a deployment platform for SeyfarthLean innovations.”
Disclosure Dragon was launched in early March and currently is beta testing with health and life science equity crowdfunding site Poliwogg. SeyfarthLean Consulting is actively seeking other clients for their application.