With increasing legal professionals embracing artificial intelligence (AI), SpotDraft emerges as a leading provider of contract automation and management software.
Founded in 2017, SpotDraft aims to streamline contracting tasks for in-house legal teams. Its AI-powered platform extracts crucial details and clauses from contracts, providing summaries and suggested follow-up actions.
SpotDraft’s AI features include VerifAI, which reviews contracts against templates, and ClickThrough, which centralizes contract agreements and facilitates search and reporting. These capabilities enhance organization and efficiency for legal teams.
SpotDraft has garnered notable success, boast a client base of around 400 and experiencing a significant 169% year-over-year revenue growth. Its investors, including Vertex Ventures Singapore and Trident Partners, recognize the company’s potential.
The recent $54 million Series B funding will fuel SpotDraft’s research and development, market expansion, and workforce growth. CEO Shashank Bijapur envisions an “agentic solution” leveraging AI to empower in-house counsel and drive strategic business outcomes.
In a market where legal work is traditionally billed hourly, Bijapur believes SpotDraft’s solution will alleviate inefficiencies and allow teams to prioritize high-value tasks. The company’s integration with other legal tools further reduces the time spent on tool customization and enhances productivity.
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