SpotDraft, a contract lifecycle management (CLM) platform has raised $54 million in a Series B funding round led by Vertex Growth Singapore and Trident Partners. Existing investors Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest have also participated in this round.
The funds raised will be used for global expansion and drive the advancement of its AI-powered product innovation.
Previously, SpotDraft raised $26 million in its Series A funding round in March 2023.
“We believe 2025 will be an inflection point for team 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,” said Shashank Bijapur, CEO of SpotDraft.
“We see potential in SpotDraft being the first in class CLM solution globally. SpotDraft’s product vision and go-to-market strategy is anchored on a deep understanding of enterprise legal teams’ painpoints and the unwavering commitment to delivering a world-class solution in enabling faster and more accurate contract processes. We’re excited to join and support SpotDraft as they continue to leverage AI to transform the legal tech landscape,” said James Lee, Managing Partner, Vertex Growth.
Founded in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft is an AI-driven contract lifecycle management (CLM) platform built for in-house legal teams. The tool manages all aspects of contracting, including AI-assisted redlining, e-signatures, intelligent contract repository, third-party papers, clickwrap agreements and more.
Over and above its end-to-end CLM offering, SpotDraft has launched products like VerifAI and ClickThrough.
