Virtual Legal Department for Datrics' YCombinator Due Diligence
About the company
Datrics is a global startup with Ukrainian founders that builds a no-code platform for data analytics. Datrics product helps companies develop and deploy machine learning models faster and without writing code.
In January 2021, Datrics was accepted to the Y Combinator accelerator and completed the program.
Before meeting Legal Nodes, Datrics already had a registered company and secured a pre-seed round. They needed legal support with option pool allocation and contracts for their team. Datrics were looking for a partner with a profound understanding of the legal side of venture capital deals, as they were planning to apply for an acceleration program and raise capital in the future.
Solution: virtual legal department that converts business needs into legal solutions
Legal Nodes started by building a flexible virtual legal department that could start work on priority tasks immediately; establishing an option pool allocation and signing the necessary agreements with team members.
Soon after work with the virtual legal department began, the Datrics team were accepted into the YCombinator, and they needed to pass their due diligence to start the program. They turned to Legal Nodes as their trusted legal partner. The virtual legal department reviewed the due diligence requirements and created a roadmap of legal tasks to accomplish.
While executing the legal roadmap, the legal team helped Datrics with preparing:
- Documentation on shares for founders, investors, and the team shares;
- Intellectual Property and information protection documents including IP assignments and NDAs;
- Agreements with freelancers and service providers;
- Board minutes and resolutions required for the option pool allocation; and
- B2B SaaS agreements, which they had planned to prepare after passing the due diligence stage.
The lawyers in the virtual legal department used the Data Room provided by Legal Nodes to store and organise documents in a smart and structured manner. This data room was accessible to the Datrics team, who then shared it with the lawyers at the YCombinator. Streamlining documentation into a single data room that arranged the data in a way that served the specific needs of the legal audit and gave access to the legal team at the accelerator helped Datrics to pass the due diligence stage in good time, and secure their place in the program.
Anton Vaisburd, CEO & Co-founder @Datrics, has said: "I'm delighted with all the virtual legal department's work for us so far. I don't have to worry about what legal tasks we need to deal with. I just come with business needs, and the team transforms them into legal solutions that they start working on right away."
Nestor Dubnevych, COO & Co-founder @Legal Nodes, has said: "We know from our own journey at Legal Nodes what it takes to pass a due diligence process to join an accelerator, and we are happy to have helped Datrics achieve this. They have an amazing team and a great product, and we hope to keep helping them with any legal challenges that come their way."