SpotDraft raises $54 mn to lead AI-powered contract lifecycle management

SpotDraft's Series B funding round, spearheaded by Vertex Ventures and Trident Partners, will accelerate the company's global expansion and drive the advancement of its AI-powered product innovation

SpotDraft, an AI-driven contract lifecycle management (CLM) platform that helps in-house legal teams manage their contract ecosystems, has raised $54 million in Series B funding. Vertex Growth Singapore and Trident Partners were the lead investors. The existing investors Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest have also participated in this round.

 

SpotDraft’s AI-driven tool manages all aspects of contracting. This includes AI-assisted redlining, e-signatures, an intelligent contract repository, third-party papers, and clickwrap agreements.

 

“We believe 2025 will be an inflection point for team SpotDraft,” said Shashank Bijapur, chief executive officer of SpotDraft. “Apart from market expansion and talent growth, we’re strongly committed to deepening the use of AI in the product to help legal teams unlock efficiencies and drive innovation.”

 

“SpotDraft’s CLM platform has made a huge impact on our legal team’s time, workflows, and efficiencies," said Jonathan Franz, head of legal, Crunchbase. “It is easy to implement and gives us the confidence we need to manage reviews, automate high-volume contracts, close deals faster, and navigate diligence.”

 

Over and above its end-to-end CLM offering, the team is sharpening its focus on product enhancements and AI functionality. SpotDraft has launched products like VerifAI and ClickThrough, consolidating its position as the preferred CLM partner for mid-market companies. With over 250 employees across its offices in Bengaluru and New York, SpotDraft is looking to further acquire key leadership talent in alignment with its growth strategy.

 

Shashank Bijapur, an alumnus of Harvard Law School, and Madhav Bhagat, an alumnus of Carnegie Mellon, co-founded the company in 2017. Prior to this, Bijapur practised law in New York, and Bhagat was with Google. Augmenting the leadership team, Rohith Salim, Bhagat’s batchmate at Carnegie Mellon, joined as chief product officer, and most recently, Akshay Verma, a legal industry veteran and former executive at Meta and Coinbase, came on board as chief operating officer.

 

SpotDraft raised $26 million in its Series A round of funding in March 2023. In the last two years, the company has seen strong growth in its revenue and customer base.

 

“We see potential in SpotDraft being the first-in-class CLM solution globally,” said James Lee, managing partner, Vertex Growth. “SpotDraft’s product vision and go-to-market strategy are anchored on a deep understanding of enterprise legal teams’ pain points and an unwavering commitment to delivering a world-class solution in enabling faster and more accurate contract processes.”