SpotDraft secures $54M to supercharge AI contract lifecycle management
SpotDraft, the CLM platform that helps in-house legal teams manage their contract ecosystems, announced it has raised $54 million in Series B funding, enabling the company to sharpen its focus on product enhancements and AI functionality.
Vertex Growth Singapore and Trident Partners were the lead investors, the existing investors (Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest) have also participated in this round.
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.
“We believe 2025 will be an inflection point for team SpotDraft,” said Shashank Bijapur, CEO of 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.”
SpotDraft has launched products such as VerifAI and ClickThrough, which are consolidating SpotDraft’s positioning as the preferred CLM partner for mid-market companies. With over 250 employees across its offices in Bengaluru and New York, SpotDraft is looking to further acquire key leadership talent in alignment with its growth strategy.
SpotDraft raised $26M in its Series A round of funding in March 2023. In the last two years, the company has seen explosive growth in its revenue and customer base.
“We see potential in SpotDraft being the first in class CLM solution globally,” said James Lee, managing partner, Vertex Growth. “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.”
For more information about this news, visit www.spotdraft.com.