February 13, 2025: SpotDraft, a contract lifecycle management (CLM) software platform, has successfully raised $54 million in a Series B funding to expand and grow its AI enabled CLM platform built for businesses of all sizes. Furthermore, the startup is currently expanding their footprint worldwide with big brands.
The Bengaluru headquartered technology startup 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.
According to a statement from SpotDraft over the last two years it has recorded “explosive” growth in its revenues and customer base. Going forward, it plans 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.” Get connected to SpotDraft
SpotDraft Sharpens focus on Product AI Functionality
Besides end-to-end CLM offering, SpotDraft is strengthening its focus on product enhancements and AI functionality. It has launched products like VerifAI and ClickThrough which are targeted at mid-market companies.
The technology startup was founded in 2017 by Shashank Bijapur, Madhav Bhagat and Rohith Salim, earlier raised $26 million in its Series A funding round in March 2023.
The funding was 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.
