SpotDraft, the Bengaluru headquartered expertise startup that gives contract lifecycle administration (CLM) software program platform, has raised $54 million in a Sequence B funding led by Vertex Development Singapore and Trident Companions.
This spherical additionally noticed participation from current traders—Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Make investments. Beforehand, SpotDraft raised $26 million in its Sequence A funding spherical in March 2023.
Based in 2017 by Shashank Bijapur, Madhav Bhagat and Rohith Salim, SpotDraft gives an AI enabled CLM platform for in-house authorized groups. The platform manages all features of contracting together with AI-assisted redlining, e-signatures, clever contract repository, third-party papers, clickwrap agreements and far more.
“Aside from market enlargement and expertise development, we’re strongly dedicated to deepening the usage of AI within the product to assist authorized groups unlock efficiencies and drive innovation,” SpotDraft CEO Shashank Bijapur mentioned.
An announcement from SpotDraft claimed that within the final two years it has seen “explosive” development in its revenues and buyer base. Now it’s seeking to broaden its expertise base from its present 250 worker base throughout its places of work in Bengaluru and New York.
Vertex Development Managing Accomplice James Lee mentioned, “SpotDraft’s product imaginative and prescient and go-to-market technique is anchored on a deep understanding of enterprise authorized groups’ painpoints and the unwavering dedication to delivering a world-class answer in enabling sooner and extra correct contract processes.”
Apart from end-to-end CLM providing, SpotDraft is sharpening its concentrate on product enhancements and AI performance. It has launched merchandise like VerifAI and ClickThrough that are focused at mid-market firms.
