Top News

AI-driven enterprise tech startup SpotDraft has secured $8 Mn (about INR 73.4 Cr) from Qualcomm Ventures in its Series B extension round.

The startup plans to deploy the fresh funds to deepen its product and AI capabilities and expand its reach across the Americas, Europe, the Middle East, Africa and India.

Founded in 2017 by Shashank Bijapur, Madhav Bhagat and Rohith Salim, SpotDraft operates an AI-powered contract lifecycle management (CLM) platform that helps sales, legal and human resources teams manage multiple aspects of contracting, including AI-assisted redlining, e-signatures, third-party papers, clickwrap agreements, among others.

“Core contract understanding, guideline checks, and recommendations run locally on device, while orchestration, learning, and large-scale analytics remain cloud-driven. Optimising these workflows for the Qualcomm Hexagon NPU allows us to deliver low-latency, private AI experiences without compromising accuracy,” Bhagat said.

The startup counts Apollo.io, Panasonic, Zeplin, and Whatfix among its clients. The minicorn startup claimed it has almost 50,000 monthly active users and processes over 1 Mn contracts annually. It claimed to be seeing 100% YoY growth in customer acquisitions and 173% YoY rise in contract volumes.

Prior to this, the Bengaluru-based startup raised $54 Mn in its Series B funding round led by Temasek subsidiary Vertex Growth and Trident Partners in February last year for market expansion and strengthening its team with new hires.

Since its inception, SpotDraft has raised $92 Mn from Google for Startups, 021 Capital, Xeed VC, Arkam Ventures, and Prosus Ventures, among others. SpotDraft was last valued at $132 Mn.

The funding comes at a time when the advances in AI have resulted in the emergence of a number of legal tech startups which are leveraging the technology to help enterprises automate tasks like contract management, drafting, filing, legal briefs, and more. Investors are also betting on these startups to tap the growth opportunities.

For instance, Nyayanidhi raised $2 Mn in its seed round in November last year to automate legal documentation, court filings and multilingual translations. Prior to that, Lucio bagged $5 Mnto provide an AI-native workspace for the legal sector.

The post Enterprise Tech Startup SpotDraft Nets $8 Mn From Qualcomm Ventures appeared first on Inc42 Media.