SpotDraft raises $54M in Series B funding led by Vertex Ventures and Trident Partners
The funding will be primarily used by SpotDraft to enhance its product platform with newer AI features.
SpotDraft, the Bengaluru headquartered technology startup that provides contract lifecycle management (CLM) software platform, has raised $54 million in a Series B funding led by Vertex Growth Singapore and Trident Partners.
This round also saw participation from existing investors—Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest. Previously, SpotDraft raised $26 million in its Series A funding round in March 2023.
Founded in 2017 by Shashank Bijapur, Madhav Bhagat and Rohith Salim, SpotDraft provides an AI enabled CLM platform for in-house legal teams. The platform manages all aspects of contracting including AI-assisted redlining, e-signatures, intelligent contract repository, third-party papers, clickwrap agreements and much more.
“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,” SpotDraft CEO Shashank Bijapur said.
A statement from SpotDraft claimed that in the last two years it has seen “explosive” growth in its revenues and customer base. Now it is looking to expand its talent base from its current 250 employee base across its offices in Bengaluru and New York.
Vertex Growth Managing Partner James Lee said, “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.”
Besides end-to-end CLM offering, SpotDraft is sharpening its focus on product enhancements and AI functionality. It has launched products like VerifAI and ClickThrough which are targeted at mid-market companies.
Edited by Jyoti Narayan
