Software-as-a-service (SaaS) company SpotDraft, which specialises in contract management and legal agreements, has raised $8 million from Qualcomm Ventures.
The investment is an extension of the company's $56 million funding round led by Vertex Growth and Trident Partners in February 2025.
SpotDraft said the fresh capital will be used to strengthen its product and artificial intelligence (AI) capabilities and to expand its enterprise presence across the Americas, Europe, the Middle East, Africa and India.
Founded in 2017 by Shashank Bijapur, Madhav Bhagat and Rohith Salim, SpotDraft offers an AI-powered contract automation platform for in-house legal teams. Its products cover functions such as AI-assisted redlining, e-signatures, contract repositories, third-party agreements and clickwrap contracts.
The company said contract intelligence tasks such as clause extraction, risk scoring and edits can run locally on devices without sending data to the cloud. SpotDraft is betting on a hybrid architecture, where sensitive contract analysis runs on-device while orchestration and analytics remain cloud-based.
Beyond capital, the deal also deepens its technology partnership with Qualcomm, SpotDraft said.
VerifAI, SpotDraft’s AI-powered contract review tool, runs entirely on-device, including embeddings, clause extraction, risk scoring and edits on Qualcomm’s Snapdragon processors. While internet connectivity is required for login, sharing and licence checks, core contract review and editing functions execute offline on the local machine, the company said.
The push towards on-device processing comes as legal technology companies face growing pressure from enterprise customers to address data security and privacy concerns amid wider adoption of AI tools.
"This investment validates the architectural direction we've taken with SpotDraft," said Bijapur, cofounder and CEO, SpotDraft. “Legal teams handle some of the most sensitive business information, yet most AI tools still require sending that data to external cloud models.”
According to data intelligence platform Tracxn, SpotDraft nearly doubled its revenue in FY25 to Rs 121.4 crore, while losses widened to Rs 121.4 crore from Rs 68.4 crore in FY24.
Qualcomm Ventures, which has backed companies such as Anthropic, said the investment aligns with its view that on-device AI will play a growing role in enterprise computing.
“AI is driving a fundamental shift in how legal workflows are executed, bringing new levels of efficiency to an inherently text-intensive domain,” said Quinn Li, senior vice president, Qualcomm Technologies, Inc., and global head of Qualcomm Ventures. “SpotDraft’s ability to deploy their proprietary models securely on-device using Snapdragon platforms represents a meaningful advancement for a privacy-critical industry.
The investment is an extension of the company's $56 million funding round led by Vertex Growth and Trident Partners in February 2025.
SpotDraft said the fresh capital will be used to strengthen its product and artificial intelligence (AI) capabilities and to expand its enterprise presence across the Americas, Europe, the Middle East, Africa and India.
Founded in 2017 by Shashank Bijapur, Madhav Bhagat and Rohith Salim, SpotDraft offers an AI-powered contract automation platform for in-house legal teams. Its products cover functions such as AI-assisted redlining, e-signatures, contract repositories, third-party agreements and clickwrap contracts.
The company said contract intelligence tasks such as clause extraction, risk scoring and edits can run locally on devices without sending data to the cloud. SpotDraft is betting on a hybrid architecture, where sensitive contract analysis runs on-device while orchestration and analytics remain cloud-based.
Beyond capital, the deal also deepens its technology partnership with Qualcomm, SpotDraft said.
VerifAI, SpotDraft’s AI-powered contract review tool, runs entirely on-device, including embeddings, clause extraction, risk scoring and edits on Qualcomm’s Snapdragon processors. While internet connectivity is required for login, sharing and licence checks, core contract review and editing functions execute offline on the local machine, the company said.
The push towards on-device processing comes as legal technology companies face growing pressure from enterprise customers to address data security and privacy concerns amid wider adoption of AI tools.
"This investment validates the architectural direction we've taken with SpotDraft," said Bijapur, cofounder and CEO, SpotDraft. “Legal teams handle some of the most sensitive business information, yet most AI tools still require sending that data to external cloud models.”
According to data intelligence platform Tracxn, SpotDraft nearly doubled its revenue in FY25 to Rs 121.4 crore, while losses widened to Rs 121.4 crore from Rs 68.4 crore in FY24.
Qualcomm Ventures, which has backed companies such as Anthropic, said the investment aligns with its view that on-device AI will play a growing role in enterprise computing.
“AI is driving a fundamental shift in how legal workflows are executed, bringing new levels of efficiency to an inherently text-intensive domain,” said Quinn Li, senior vice president, Qualcomm Technologies, Inc., and global head of Qualcomm Ventures. “SpotDraft’s ability to deploy their proprietary models securely on-device using Snapdragon platforms represents a meaningful advancement for a privacy-critical industry.
