Legal technology firm SpotDraft has secured $8 million (about ₹66 crore) in a Series B extension led by Qualcomm Ventures, bolstering its position in the contract automation and legal AI market and bringing the company’s total funding to roughly $92 million.
Product and market focus
Founded in Bengaluru in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft provides an AI-driven contract lifecycle management (CLM) platform that helps legal, sales and procurement teams draft, review, negotiate and manage agreements more efficiently. The platform aims to shorten contract turnaround times, reduce manual effort and lower error rates by combining automation with natural-language AI.
SpotDraft’s customers include fast-growing startups and large enterprises across SaaS, manufacturing, technology and services, reflecting increasing demand for scalable legal-tech tools that preserve compliance while streamlining workflows. The company says tens of thousands of users rely on its platform to process over a million contracts annually.
Privacy, security and differentiation
A notable emphasis for SpotDraft is data privacy and security. The company is developing capabilities that enable AI-assisted contract review with limited dependence on third-party cloud processing, an approach aimed at enterprises that handle sensitive legal and commercial information and require strict confidentiality and data protection.
Use of funds and expansion plans
The new capital will be used to accelerate product development—particularly advanced AI features for contract analysis and workflow automation—and to expand engineering and product teams. SpotDraft also plans to deepen its presence in key international markets such as the United States, Europe and the Middle East, while continuing to grow its footprint in India.
Market outlook
SpotDraft’s extension round follows its earlier Series B and signals continued investor confidence in specialised Indian SaaS firms building enterprise-grade, AI-led products. The broader legal-tech sector is being reshaped by digital transformation, regulatory complexity and hybrid working models, creating opportunities for platforms that combine intelligence, speed and robust data security.
