SpotDraft, a NYC-based provider of an AI-powered contract lifecycle management platform, has raised $8 million in Series B extension funding led by Qualcomm Ventures.
The raise brings total funding to $92M, following a $56M Series B in February 2025.
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The company plans to use the funds to speed up product and AI development and expand its enterprise presence across the Americas, EMEA, and India.
The investment underscores Qualcomm Ventures’ conviction that on-device AI is the future of enterprise computing, with prior backing across foundational AI and real world enterprise edge deployments.
SpotDraft, a leading AI powered CLM platform, said its contract review tool, VerifAI, runs entirely on-device on Snapdragon processors, highlighting rising enterprise demand for secure, high-performance legal AI.
At Qualcomm Technologies’ Snapdragon Summit 2025, SpotDraft showcased fully on-device contract review on Snapdragon X Elite laptops, demonstrating privacy first AI without cloud connectivity.
“This investment validates the architectural direction behind SpotDraft,” said Shashank Bijapur, co founder and CEO of SpotDraft. “Legal teams manage some of the most sensitive business data, yet most AI tools still rely on sending that data to the cloud. We built SpotDraft to run core contract intelligence workflows directly on device, enabling powerful AI without compromising performance, privacy, security, or control.”
SpotDraft has raised a total of $92 million from investors, including Qualcomm Ventures, Vertex Growth Singapore, Trident Growth Partners, Xeed VC, Arkam Ventures, and Prosus Ventures. The company is experiencing strong growth, with 100% year-over-year increases in customer acquisitions, a 173% rise in contract volumes, and nearly 50,000 monthly active users processing over 1 million contracts annually. SpotDraft’s customers include Apollo.io, Panasonic, Zeplin, and Whatfix. The company has also been recognized by Fast Company as one of the Most Innovative Companies and featured in Forbes Asia’s 100 to Watch.
“AI is transforming how legal workflows are executed, delivering new efficiency to a text-intensive domain,” said Quinn Li, Senior Vice President at Qualcomm Technologies, Inc., and global head of Qualcomm Ventures. “SpotDraft’s ability to run proprietary models securely on device via Snapdragon platforms is a major step forward for a privacy sensitive industry. We’re excited to support high-performance, secure AI at the edge and see significant potential for this technology across the legal ecosystem.”
“SpotDraft is carefully separating tasks that need to run on device from those that benefit from the cloud,” said Madhav Bhagat, co founder, and CTO of SpotDraft. “Core contract understanding, guideline checks and recommendations run locally, while orchestration, learning, and large-scale analytics stay in the cloud. By optimizing these workflows for the Qualcomm® Hexagon NPU, we deliver fast, private AI without sacrificing accuracy.”
About SpotDraft
Founded in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft is an AI-powered contract lifecycle management platform that combines intuitive workflows, business friendly design and AI-driven contract intelligence. The platform helps legal teams reduce turnaround times, scale operations and deliver measurable business impact. SpotDraft has been recognized by Fast Company’s Most Innovative Companies 2024, and Forbes Asia’s 100 to Watch.
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