SpotDraft, a legal technology startup focused on Contract Review solutions, has successfully closed their $8 million Series A Funding. This funding was led by Qualcomm Ventures and is a strategic extension of its Series B funding round. This investment is intended to help it scale its on-device contract review technology, specifically for regulated legal workflows. With this new round, SpotDraft has raised $92 million to date.
Founded in Bengaluru and New York, SpotDraft is positioned to leverage this new funding to enhance its offerings in the enterprise AI space. The company’s innovative approach focuses on maintaining privacy and reducing latency in sensitive legal processes by utilizing on-device AI technology.
As SpotDraft representative Shashank Bijapur put it, while discussing the future of enterprise AI, “you need to be close to the document. This type of approach is important because not only do privacy, sensitive latency, and legal concerns play a big role in pushing the need for on-device solutions, but they will help accelerate the shift.
SpotDraft’s global team of 300+ employees are majority based out of their tech hub in Bengaluru. The company have their project teams to 15-20 staff in the U.S., and 4-5 in UK. Akshay Verma Chief Operating Officer Akshay splits his time between U.S. and India. As Head of Global Partnerships, he is directly involved in the company’s efforts to expand their global reach.
SpotDraft has the first telltale sign of hypergrowth, onboarding over 700 customers in the last 400 days. These esteemed members include, among others, Apollo.io, Panasonic, Zeplin & Whatfix. Together, these customers handle more than a million contracts in a year. In fact, this volume of contracts has been one of the fastest-growing segments, posting an astounding 173% year-over-year growth rate.
Besides that rapidly growing customer base, SpotDraft has a huge user base to brag about—nearly 50,000 monthly active users. The company expects to reach 100% YOY revenue growth by 2026 and underscores its leading position in the growing legal technology market.
Madhav Bhagat, another key figure at SpotDraft, emphasized the unique capabilities of their technology: “VerifAI will compare a contract against your guidelines, your playbooks, your prior policies.” This functionality empowers users to stay within their own guardrails while streamlining the processes to manage contracts effectively.
Now more than ever, we are seeing an urgent need for effective contract review solutions. SpotDraft’s proprietary on-device AI technology uniquely equips it to capitalize on that opportunity. The firm’s mission is improving the legal workflow through scalable, secure solutions. This commitment further cements it as a leader in the evolving legal tech landscape.
Fast forward to today where the latest evaluation is indicating a mere 5% better difference between the frontier models. Many of these models are even device fine-tuned,” Bhagat continued. This development represents a huge step forward in the effectiveness and reliability of on-device AI applications to support legal processes.