SpotDraft Raises $54 Million in Series B Funding to Enhance AI Contract Management

SpotDraft, a company specializing in AI-driven contract lifecycle management (CLM) for in-house legal teams, has successfully raised $54 million in a Series B funding round. The funding was led by Vertex Growth Singapore and Trident Partners, with participation from existing investors such as Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest.

The new capital will be used to accelerate SpotDraft's global expansion and further develop its AI-powered product offerings. The platform currently provides a comprehensive suite of tools for managing contracts, including AI-assisted redlining, e-signatures, and intelligent contract repositories.

SpotDraft's CEO, Shashank Bijapur, emphasized the company's commitment to enhancing AI functionalities within their products to improve efficiencies for legal teams. The company has introduced new products like VerifAI and ClickThrough, which have strengthened its position as a preferred CLM partner for mid-market companies.

Founded in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft has grown significantly, with over 250 employees across its offices in Bengaluru and New York. The company aims to continue its growth trajectory by acquiring key leadership talent and expanding its market reach.