SpotDraft, a Bengaluru-based contract lifecycle management (CLM) platform, has raised $54 million in a Series B funding round led by Vertex Growth Singapore and Trident Partners. The round also saw participation from existing investors, including Xeed VC (formerly 021 Capital), Arkam Ventures, Prosus Ventures, and Premji Invest. This latest investment follows the company’s $26 million Series A round in March 2023, reinforcing its growth trajectory in the AI-powered legal tech sector.

Enhancing AI Capabilities

The newly raised capital will be primarily allocated toward advancing SpotDraft’s AI-driven solutions to streamline contract management for in-house legal teams. The company has already integrated AI functionalities such as in-context learning, model routing and selection, LLM-based evaluations, and automated contract assessments. With further investments in AI innovation, SpotDraft aims to enhance automation, accuracy, and efficiency in legal workflows, allowing professionals to focus on high-value strategic work.

Global Expansion Strategy

SpotDraft is also set to accelerate its international expansion, with a strong focus on entering the European and Asia-Pacific (APAC) markets. The company has already established a solid presence in the Americas and plans to extend its customer base by offering tailored solutions to legal teams worldwide. This expansion aligns with SpotDraft’s vision of becoming a global leader in AI-powered contract lifecycle management.

Scaling Talent and Strengthening Market Position

In addition to AI advancements and market expansion, SpotDraft is committed to strengthening its team by hiring top-tier talent. With an existing workforce of 250 employees across its Bengaluru and New York offices, the company aims to scale operations to meet growing demand. By investing in leadership and technical expertise, SpotDraft seeks to enhance product innovation and maintain a competitive edge in the legal tech industry.

Commitment to Customer-Centric Innovation

SpotDraft remains dedicated to delivering value-driven solutions that address the pain points of enterprise legal teams. The company has launched key products such as VerifAI and ClickThrough, designed to simplify contract workflows and improve efficiency for mid-market enterprises. By continuously refining its CLM offerings, SpotDraft is focused on empowering legal professionals with AI-powered tools that enhance productivity and drive business impact.

Investor Confidence and Industry Impact

The funding round underscores investor confidence in SpotDraft’s vision and execution, as noted by Vertex Growth Managing Partner James Lee. He highlighted the company’s deep understanding of enterprise legal teams' needs and its unwavering commitment to delivering best-in-class solutions. With this backing, SpotDraft is poised to further transform the legal tech landscape, making contract management faster, smarter, and more seamless.

SpotDraft’s successful Series B funding round marks a significant milestone in its journey toward AI-driven contract management innovation. With a strategic focus on technology enhancements, global expansion, and team growth, the company is well-positioned to redefine legal workflows. As SpotDraft continues to scale, its commitment to AI-powered efficiency and customer-centric solutions will play a crucial role in shaping the future of contract lifecycle management.