SpotDraft Secures $54 Million to Advance AI-Powered Contract Lifecycle Management

AI-driven contract lifecycle management platform SpotDraft has raised $54 million in Series B funding, led by Vertex Growth and Trident Partners, alongside participation from existing investors Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest. The funding will accelerate the platform’s global expansion and enhance its AI-powered product capabilities, strengthening its position in the evolving legal tech landscape.

SpotDraft enables in-house legal teams to streamline their entire contracting ecosystem — from redlining and e-signatures to contract storage, third-party papers, and clickwrap agreements. With a focus on automation and efficiency, the platform helps businesses navigate high-volume contracts and optimize their contract workflows. This latest investment marks a significant milestone in the company’s journey as it sharpens its focus on AI-driven innovations, including products like VerifAI and ClickThrough, catering to the needs of mid-market enterprises.

Founded in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft has grown into a global player with offices in Bengaluru and New York, serving over 400 organizations worldwide. The company’s commitment to delivering AI-first solutions has driven exponential growth in revenue and customer adoption over the past two years. The team has expanded with key leadership appointments, including Rohith Salim as Chief Product Officer and Akshay Verma as Chief Operating Officer, bringing deep industry expertise to its leadership bench.

With the latest funding, SpotDraft aims to scale its talent base, enter new markets, and deepen the integration of AI across its product suite. The company’s rapid growth and customer impact have earned it recognition in Fast Company’s Most Innovative Companies 2024 and Forbes Asia’s 100 to Watch 2024, cementing its role as a driving force in the legal tech industry.