Enterprise Tech Startup SpotDraft raises $8 Mn in Series B Round

SpotDraft, an AI-powered contract lifecycle management (CLM) platform, has raised $8 million from Qualcomm Ventures as part of a Series B extension. 

The startup plans to use the new funds to strengthen its product and AI capabilities and expand its presence across the Americas, Europe, the Middle East, Africa, and India.

"This investment validates the architectural direction we've taken with SpotDraft," said Shashank Bijapur, Co-founder and CEO, SpotDraft. "Legal teams handle some of the most sensitive business information, yet most AI tools still require sending that data to external cloud models. We've developed the SpotDraft platform to run core contract intelligence workflows locally on device, giving legal teams AI capabilities without compromising performance, privacy, security, or control."

"AI is driving a fundamental shift in how legal workflows are executed, bringing new levels of efficiency to an inherently text-intensive domain," said Quinn Li, Senior Vice President, Qualcomm Technologies, Inc., and global head of Qualcomm Ventures. "SpotDraft’s ability to deploy their proprietary models securely on-device using Snapdragon platforms represents a meaningful advancement for a privacy-critical industry. We’re excited to enable high performance, secure AI at the edge and see strong potential for this technology across the legal ecosystem."

About SpotDraft 

Founded in 2017 by Shashank Bijapur, Madhav Bhagat and Rohith Salim, SpotDraft provides an AI-powered contract lifecycle management (CLM) platform that prioritizes privacy for enterprise use cases. Its AI tools process sensitive legal data on-device, without sending documents to external cloud models.

The company has seen 100% year-on-year growth in customers and a 173% increase in contract volumes. It currently serves nearly 50,000 monthly active users and processes over one million contracts each year.

SpotDraft recently showcased its on-device contract review capabilities at Qualcomm’s Snapdragon Summit 2025, with its AI models running locally on Snapdragon X Elite laptops, completely offline.

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