AI-powered contract lifecycle management (CLM) platform SpotDraft has raised $8 million from Qualcomm Ventures as part of a strategic extension to its Series B funding round, signalling growing enterprise demand for privacy-first, on-device legal AI solutions.
The investment follows SpotDraft’s $56 million Series B raise in February 2025 and brings the company’s total funding to $92 million to date.
The fresh capital will be used to strengthen product and AI capabilities and expand SpotDraft’s enterprise footprint across the Americas, Europe, the Middle East, and Africa (EMEA), as well as India, the company said.
Beyond funding, the partnership underscores a deeper technology collaboration. SpotDraft was showcased at Qualcomm Technologies’ Snapdragon Summit 2025, where it demonstrated fully on-device contract review running on Snapdragon® X Elite laptops without cloud connectivity, validating the viability of privacy-first AI for enterprise legal operations.
“Legal teams handle some of the most sensitive business information, yet most AI tools still require sending that data to external cloud models,” said Shashank Bijapur, co-founder and chief executive officer (CEO) of SpotDraft, adding that the platform is designed to run core contract intelligence workflows locally on devices without compromising performance or security.
SpotDraft’s AI-powered contract review tool, VerifAI, runs core functions such as clause extraction, embeddings, risk scoring, and edit application entirely on-device using Snapdragon processors. While internet connectivity is required for login, licensing and document sharing, contract review, risk scoring and editing are executed offline on the local machine.
“SpotDraft’s ability to deploy their proprietary models securely on-device using Snapdragon platforms represents a meaningful advancement for a privacy-critical industry,” said Quinn Li, senior vice president at Qualcomm Technologies Inc., and global head of Qualcomm Ventures, commenting on the investment.
Founded by Shashank Bijapur and Madhav Bhagat, SpotDraft counts Apollo.io, Panasonic, Zeplin and Whatfix among its customers. The company reported 100% year-on-year (y-o-y) growth in customer acquisitions, a 173% y-o-y increase in contract volumes and nearly 50,000 monthly active users processing over one million contracts annually. It has been recognised by Fast Company’s Most Innovative Companies and Forbes Asia’s 100 to Watch.
(with inputs from BL intern Tejaswini S)