L to R – Shashank Bijapur, Co-founder and CEO and Madhav Bhagat, Co-founder and CTO,SpotDraft.Legaltech firm SpotDraft has raised $8 million from Qualcomm Ventures as part of an extension to its Series B funding round.
The fresh capital will be used to strengthen the company’s product and artificial intelligence capabilities and to expand its footprint across the US, EMEA, and India.
“Legal teams handle some of the most sensitive business information, yet most AI tools still require sending that data to external cloud models. We’ve developed the SpotDraft platform to run core contract intelligence workflows locally on device, giving legal teams AI capabilities without compromising performance, privacy, security, or control,” said Shashank Bijapur, co-founder and CEO, SpotDraft.
The investment follows the company’s $56 million Series B round closed in February and brings its total funding to $92 million.
Founded by Shashank Bijapur and Madhav Bhagat, SpotDraft offers an AI-powered contract lifecycle management platform focused on assisting legal teams to review and manage contracts with enhanced data privacy.
“SpotDraft’s ability to deploy their proprietary models securely on-device using Snapdragon platforms represents a meaningful advancement for a privacy-critical industry. We’re excited to enable high-performance, secure AI at the edge and see strong potential for this technology across the legal ecosystem,” said Quinn Li, Senior vice-president, Qualcomm Technologies, and global head of Qualcomm Ventures.
At present, the platform claims to support over 50,000 monthly active users processing more than one million contracts annually. Some of its customers include Apollo.io, Panasonic, Zeplin, and Whatfix.
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