SpotDraft raises $8 million from Qualcomm Ventures in Series B extension
SpotDraft secured $8 million from Qualcomm Ventures to enhance its AI-powered contract lifecycle management platform and expand globally.Summary
SpotDraft, an AI-powered contract lifecycle management (CLM) platform, has raised $8 million from Qualcomm Ventures as an extension to its Series B funding, bringing its total funding to $92 million. This investment will be used to strengthen the platform’s product and AI capabilities and expand its reach across the Americas, Europe, the Middle East, Africa, and India. A key aspect of this partnership is a technology collaboration showcased at the Snapdragon Summit 2025, demonstrating fully on-device contract review capabilities without cloud connectivity, prioritizing data privacy and security. SpotDraft’s VerifAI tool utilizes Snapdragon processors to perform core functions like clause extraction and risk scoring locally on devices. Qualcomm Ventures highlighted SpotDraft’s secure on-device model deployment as a significant advancement for the privacy-critical legal industry. Founded by Shashank Bijapur and Madhav Bhagat, SpotDraft has experienced substantial growth, with 100% year-on-year growth in customer acquisitions and processes over one million contracts annually.
(Source：The Hindu - Business Line)
