AI-driven enterprise tech startup SpotDraft has successfully raised $54 million in its Series B funding round, led by Vertex Growth, a subsidiary of Temasek, and Trident Partners.
The round also witnessed participation from existing investors, including Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest.
The fresh capital will be strategically utilized for market expansion, key leadership hiring, and further enhancement of its AI-driven contract lifecycle management (CLM) platform.
A substantial portion of the funding will also go toward deepening AI integration within its product suite to optimize contract management processes.
AI-Powered Contract Management at Scale
Founded in 2017 by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, SpotDraft offers an AI-powered CLM platform designed to assist sales, legal, and human resources teams in managing various aspects of contracting.
Its features include AI-assisted redlining, e-signatures, third-party document handling, and clickwrap agreements, among others.
Previous Funding and Market Presence
This latest funding follows SpotDraft’s $26 million Series A round led by Premji Invest in March 2023 and a $1.5 million seed round led by 021 Capital in 2019.
With offices in Bengaluru and New York, SpotDraft has expanded its workforce to over 250 employees and serves clients such as Spendlfo, MoEngage, Garner, and Crunchbase.
AI’s Growing Role in Legal Tech
SpotDraft’s funding success comes at a time when AI is revolutionizing the legal tech sector.
The rise of AI-driven solutions for automating contract drafting, legal briefs, opinions, and filings has attracted significant investor interest.
In November 2024, Info Edge announced a INR 4 crore investment in its legal tech portfolio company LegitQuest, while AI-powered legal tech startup jhana.ai secured $1.6 million in its maiden funding round led by Together Fund.
With its latest capital infusion, SpotDraft is poised to accelerate its mission of transforming contract management through AI-driven innovations, further solidifying its position in the rapidly growing legal tech landscape.
