SpotDraft, an AI-powered contract lifecycle management (CLM) platform for in-house legal teams, has raised $54 million in its Series B funding round. The investment was led by Vertex Growth Singapore and Trident Partners, with participation from existing investors Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest.

SpotDraft streamlines contract management by offering AI-assisted redlining, e-signatures, an intelligent contract repository, third-party document handling, and clickwrap agreements. The platform aims to simplify and automate legal workflows, helping legal teams improve efficiency and accuracy in contract processing.

CEO Shashank Bijapur believes 2025 will be a pivotal year for the company. “Beyond market expansion and talent growth, we are committed to deepening AI integration in our product to help legal teams unlock efficiencies and drive innovation,” he said.

SpotDraft was Co-founded in 2017 by Shashank Bijapur, a Harvard Law School alumnus, and Madhav Bhagat, a Carnegie Mellon graduate. Before launching the company, Bijapur practiced law in New York, while Bhagat worked at Google. The leadership team also includes Rohith Salim, Bhagat’s Carnegie Mellon batchmate, as Chief Product Officer (CPO), and Akshay Verma, a legal industry veteran previously with Meta and Coinbase, who recently joined as Chief Operating Officer (COO).

The company previously raised $26 million in its Series A round in March 2023. Over the past two years, SpotDraft has experienced rapid revenue growth and a significant increase in its customer base.

James Lee, Managing Partner at Vertex Growth, sees great potential in SpotDraft as a leading global CLM solution. He highlighted the company’s deep understanding of enterprise legal challenges and its strong commitment to providing a world-class product. “We’re excited to support SpotDraft as they continue leveraging AI to transform the legal tech landscape,” he said.