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March 3, 2023

AI-Powered Legal Software Secured $26 Million in Series A Funding

SpotDraft disrupts and improves the future of legal processes.

SpotDraft, an innovative provider of AI-powered contract lifecycle management solutions for startups and scaleups, has successfully completed a Series A funding round, raising $26 million. Premji Invest led the round, with participation from Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, and 100x Entrepreneur Fund. The raised funding will be used to develop new products and expand the company's operations in North America, which is seen as a crucial market for growth.

SpotDraft provides a comprehensive contract management and automation platform that serves as a digital record system for in-house legal teams. By leveraging AI technology, the platform enables legal teams to save up to five hours per week and close deals 25% faster, allowing them to focus on more strategic initiatives.

“The volume of work flowing through legal teams can often cause bottlenecks,” – outlines one of the co-founders and CEO of SpotDraft, Shashank Bijapur. “Apart from dealing with legal work, today’s legal teams are expected to be leaders in everything from business strategy and governance to compliance and risk management. However, they’re often being asked to do all of this with one hand tied behind their backs. We like to think of what we are building as a co-pilot for legal teams. This system acts as a strategic partner for in-house counsels by taking care of the repetitive tasks, enabling them to focus on higher leverage activities.”

SpotDraft's AI-driven CLM platform has successfully handled more than 1 million contracts, liberating over 1.5 million hours of tedious paperwork for high-profile clients such as Airbnb, Notion, Panasonic, Strava, and Chargebee. The company's AI technology expedites various contract review and management phases, including semantic search capability across contracts, rapid summarization of tracked changes, and automated task creation for contract execution follow-up.

“Contracting has multiple stakeholders, including legal, sales, finance, and it is important to create a seamless experience for all of them,” - comments one of the partners at Premji Invest, Atul Gupta. “We invested in SpotDraft's world-class team because they’ve elegantly solved this business problem and created a product that is loved by teams across the organization.”

SpotDraft has experienced significant growth, with revenue tripling and headcount doubling year over year since its inception. The company partners with high-growth businesses in various regions, including the U.S., Europe, the Middle East, and Asia Pacific.

March 3, 2023
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