SpotDraft, a New York-based AI-powered contract lifecycle management (CLM) solution for high-growth startups and scaleups, today announced it closed $26 million in Series A funding.
The round was led by Premji Invest, with participation from Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, and 100x Entrepreneur Fund.
The funds will be used for product development and aggressive growth in North America, which the company has identified as a key market.
SpotDraft’s intuitive platform is built to be utilized not just by legal teams but also by sales, marketing, human resources, business operations, and procurement.
“The volume of work flowing through legal teams can often cause bottlenecks,” said Shashank Bijapur, co-founder, and CEO at SpotDraft. “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-a system that acts as a strategic partner for in-house counsels by taking care of the repetitive tasks and thereby enabling them to focus on higher leverage activities.”
SpotDraft’s AI-powered CLM has processed over 1 million contracts and freed up over 1.5 million hours previously spent on tedious paperwork for customers such as Airbnb, Notion, Panasonic, Strava, and Chargebee.
Company: Draftspotting Technologies Private Limited
Raised: $26.0M
Round: Series A
Funding Month: March 2023
Lead Investors: Premji Invest
Additional Investors: Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, and 100x Entrepreneur Fund
Company Website: https://www.spotdraft.com/
Software Category: AI-powered Legal Software
About the Company: Founded by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, SpotDraft is an end-to-end contract management and automation solution that acts as a digital record system for in-house legal teams. SpotDraft’s AI-driven solution empowers in-house legal teams to save up to 5 hours per week and helps them close deals 25 percent faster, freeing them to focus on more strategic projects. Since its founding, SpotDraft has tripled its revenue and doubled its headcount year over year. The company works with high-growth businesses across the U.S., Europe, the Middle East, and Asia Pacific regions.
Source: https://www.businesswire.com/news/home/20230302005452/en/SpotDraft-Raises-26-Million-in-Series-A-Funding-for-AI-Powered-Legal-Software