SpotDraft raises $8M from Qualcomm to scale on-device contract AI

SpotDraft, a contract lifecycle management platform—defined as software for managing contracts from creation to execution—has secured an $8 million Series B extension from Qualcomm Ventures. The strategic funding round values the startup at around $380 million, nearly doubling its $190 million post-money valuation from February of last year, which followed a $54 million Series B round. To date, the company has raised $92 million in total capital, with earlier backing from investors including Vertex Growth Singapore, Trident Growth Partners, Xeed VC, Arkam Ventures, and Prosus Ventures. Qualcomm Technologies will also partner with SpotDraft in joint development and go-to-market efforts.

The company plans to use the capital to scale its VerifAI platform, which enables on-device contract review and redlining. On-device technology refers to AI processing performed locally on hardware rather than in the cloud. At a Qualcomm event in 2025, SpotDraft demonstrated VerifAI running on Snapdragon X Elite-powered laptops. According to co-founder and CEO Shashank Bijapur, privacy-critical, latency-sensitive, and legally sensitive workflows must remain close to the document, driving the shift toward local hardware. Co-founder and CTO Madhav Bhagat noted that VerifAI compares contracts against guidelines, playbooks, and prior policies, and that the company sees as little as 5% difference in evaluation between frontier models and some fine-tuned on-device models. Quinn Li, senior vice president, Qualcomm Technologies, and global head of Qualcomm Ventures, stated: “SpotDraft’s ability to deploy their proprietary models securely on-device using Snapdragon platforms represents a meaningful advancement for a privacy-critical industry.”

Since launching in 2017, the startup has expanded its operations and now employs a team of 300-plus people, including 15-20 employees in the U.S., where COO Akshay Verma is based, and four to five employees in the U.K., with the rest of the workforce in Bengaluru. SpotDraft plans to use the new funding to expand its enterprise presence across the Americas, EMEA, and India.

The company’s growth is highlighted by several key metrics:

• Customer base: Reached more than 700 customers, up from around 400 in February of last year, with clients including Apollo.io, Panasonic, Zeplin, and Whatfix.
• Contract volume: Processes over 1 million contracts annually, representing a 173% year-over-year growth in contract volume, with nearly 50,000 monthly active users.
• Revenue growth: Expects 100% year-over-year revenue growth in 2026, following a 169% revenue growth rate in 2024 and a similar growth rate in 2025.

Why it matters

SpotDraft is scaling its on-device contract review technology to address enterprise demand for privacy-first AI that operates without sending sensitive data to the cloud, particularly in regulated sectors like legal, pharma, and defense.