SpotDraft raises $8 mn from Qualcomm Ventures in Series B extension round
Funds to deepen AI capabilities and expand enterprise presence across key global markets
 "SpotDraft raises $8 mn from Qualcomm Ventures in Series B extension round")
SpotDraft, an end-to-end contract automation platform, on Tuesday said it has raised $8 million from Qualcomm Ventures as part of a Series B extension round. The investment follows the company’s $56 million Series B fundraise in February last year.
The company said the fresh capital will be used to strengthen its product and artificial intelligence (AI) capabilities and to expand its enterprise presence across the United States, Europe, the Middle East and Africa (EMEA), and India.
SpotDraft said its AI-powered contract review tool, VerifAI, operates entirely on devices, including functions such as embeddings, clause extraction, risk scoring, and applying edits directly on Snapdragon processors. While internet connectivity is required for sharing, login, and licence checks, contract review, risk scoring, and editing are executed completely offline on the local machine, the company said in a statement.
“This investment validates the architectural direction we’ve taken with SpotDraft,” said Shashank Bijapur, co-founder and chief executive officer of SpotDraft. “Legal teams handle some of the most sensitive business information, yet most AI tools require sending that data to external cloud models. We have built the SpotDraft platform to run core contract intelligence workflows locally on device, giving legal teams AI capabilities without compromising performance, privacy, security, or control.”
Commenting on the investment, Quinn Li, senior vice president at Qualcomm Technologies and global head of Qualcomm Ventures, said AI is driving a fundamental shift in how legal workflows are executed, bringing new levels of efficiency to a text-intensive domain. He added that the investment aligns with Qualcomm Ventures’ conviction that on-device AI represents the future of enterprise computing.
SpotDraft has raised $92 million to date from investors including Qualcomm Ventures, Vertex Growth Singapore, Trident Growth Partners, Xeed VC, Arkam Ventures, and Prosus Ventures.
The company claimed it recorded 100 per cent year-on-year growth in customer acquisitions, with contract volumes rising 173 per cent year-on-year. It said nearly 50,000 monthly active users now process more than a million contracts annually on its platform. Its customer base includes Apollo.io, Panasonic, Zeplin, and Whatfix, among others.