SpotDraft, a contract lifecycle management (CLM) platform, has secured a strategic investment from Qualcomm Ventures, propelling its valuation toward the $400 million mark. The funding will accelerate the company’s mission to deploy on-device AI for contract management, prioritizing security and speed for its growing global enterprise client base.
Closing the Gap: On-Device AI Performance
On-device models have rapidly closed the gap with cloud-based systems, both in output quality and response times, Bhagat said. “Now we’ve come to a place where, in terms of eval, we are seeing as little as 5% difference between the frontier models, and some of these fine-tuned on device models,” he said, adding that speeds on newer chips are now “one-third of what we get in the cloud.”
Scaling Growth and Market Adoption
Since its launch in 2017, SpotDraft said it has reached more than 700 customers, up from around 400 in February last year, and counts Apollo.io, Panasonic, Zeplin, and Whatfix among its users. The company said adoption is rising on its contract lifecycle management platform, with customers now processing over 1 million contracts annually, contract volumes growing 173% year-over-year, and nearly 50,000 monthly active users. It also expects 100% year-over-year revenue growth in 2026, after growing 169% in 2024 and posting a similar growth rate in 2025, though it did not share specific revenue figures.
Expanding Global Enterprise Presence
SpotDraft plans to use the new capital to deepen its product and AI capabilities and expand its enterprise presence across the Americas, the EMEA region (Europe, Middle East, and Africa), and India, Bijapur said, adding that Qualcomm’s involvement extends beyond financing into joint development and go-to-market efforts for on-device deployments. The startup’s on-device workflow is currently available to a limited set of customers, and the founders expect it to expand more broadly as compatible AI PC hardware becomes more widely available.
Strategic Security for Legal Tech
“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, Qualcomm Technologies, and global head of Qualcomm Ventures.
Operational Footprint and Funding History
Bengaluru- and New York-based SpotDraft said it has a team of 300-plus employees, including 15-20 in the U.S., where COO Akshay Verma is based, and four to five in the U.K., with the rest of the workforce in Bengaluru.
To date, the startup has raised $92 million, including the latest Qualcomm Ventures investment. Its earlier investors include Vertex Growth Singapore, Trident Growth Partners, Xeed VC, Arkam Ventures, and Prosus Ventures.
