SpotDraft, the leading AI-powered Contract Lifecycle Management (CLM) solution for high-growth startups and scaleups, today announced it closed $26 million in Series A funding. The cash infusion is earmarked for further product development and aggressive growth in North America, identified as a key market by the company.
Today’s legal teams spend a bulk of their time occupied by time-consuming, low-leverage, manual tasks that result from outdated systems that do not talk to each other. While other teams have consistently been able to adopt software to automate busywork and scale their output, Legal is left to fend for themselves – building piecemeal workflows with software designed for other teams.
In fact, recent studies suggest legal teams spend upward of five hours per week on repetitive tasks – searching for documents, recreating existing documents, and fielding redundant inquiries from sales, marketing, and business operations teams. That time spent equates to as much as $25,000 per year per lawyer, according to analyses by Gartner and IDC. On average, only 2.3 hours of each workday are spent on legal work, per a survey of almost 3,000 legal professionals across the U.S.
SpotDraft – the Co-pilot for legal teams – enables in-house legal teams to focus on higher leverage activities that impact the business in non-linear ways.
With SpotDraft, teams within the organization can leverage the legal team’s expertise without creating a drain on their time. Teams can easily create, manage, review, and execute contracts, seamlessly store and organize agreements, submit legal requests and approvals, and generate risk reports automatically from a modern dashboard. The web app integrates with tech stacks used by startups and enterprises, including Salesforce, Hubspot, Slack, Google Drive, and more.
SpotDraft’s AI-powered CLM has processed over 1 million contracts and has freed up over 1.5 million hours previously spent on tedious paperwork for customers such as Airbnb, Notion, Panasonic, Strava, and Chargebee. The company’s AI adaption speeds up various aspects of the contract review and management process, such as providing a quick summary of track changes received, enabling semantic search across contracts, and generating follow-up tasks on contract execution.
Founded by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, the 170-person SpotDraft team has decades of combined experience in the legal field as well as in building world-class products at companies like Google, Microsoft, Amazon, IBM, and LinkedIn.
“With the fresh round of funding, SpotDraft is now poised to fundamentally innovate the way law is practiced, managed, and taught across the globe,” said Shashank Bijapur, CEO and Co-founder of SpotDraft. “We’re stepping into a new era of legal technology, and SpotDraft is going to be at the forefront of building the next generation of legal innovation that saves time and money.”
Read the press release here
SpotDraft is a best-in-class end-to-end contract management and automation solution that acts as a digital record system for in-house legal teams. SpotDraft’s AI-driven solution empowers in-house legal teams to save up to 5 hours per week and helps them close deals 25 percent faster, freeing them to focus on more strategic projects. Founded by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, the team has decades of combined experience in the legal field as well as in building world-class products at companies like Google, Microsoft, Amazon, IBM, and Linkedin. Since its founding, SpotDraft has tripled its revenue and doubled its headcount year over year. The company works with high-growth businesses across the U.S., Europe, the Middle East, and Asia Pacific regions.
Leave a Reply