Spotdraft hits AI to help rationalize contract management
More and more law professionals adopt AI, according to surveys. By one Recent survey of Legaltech Clio company79% of companies used a form of AI for cases of cases last year, against only 19% in 2023. Despite some technology skepticisminternal lawyer has also shown an interest an investigation suggesting that almost half of lawyers think that AI can lead to cost savings for their departments.
Legaltech providers appear on the left and right to meet the demand. GiganticWhich focuses on building automation and contract management software, is one of these new relative arrivals. Founded in 2017, Spotdraft sells tools to help internal legal teams simplify their contracting tasks.
Shashank Bijapur, Madhav Bhagat and Rohith Salim were in the Spotdraft launch team. Bijapur, CEO of the company, said that the idea of Spotdraft came to him when he was associated with the law firm based in Bengaluru, White & Case, which treated high volumes of corporate contracts.
The Spotdraft platform uses AI to extract key details and contract clauses, providing summaries of suggested modifications and monitoring work. A unified task center presents the deadlines to come, renewal reminders and individual and team jobs, helping orgs to remain organized – at least in theory.
One of the features fueled by Spotdraft, Verifai, draws AI to examine contracts against a selected guide or model. Another, ClickThrough, maintains all contract agreements in a dedicated and centralized frame of reference, and allows users to search and make relationships with them.
Spotdraft competes for customers against sellers like Link,, Lexion belonging to Docusign,, Evisort of the working dayAnd Filevine. But he holds up, according to Bijapur. SPOTDRAFT currently has around 400 customers and turnover from one year on the other increased by 169% last year.
“We believe that 2025 will be an inflection point for the Spotdraft team,” said Bijapur. “We are strongly determined to deepen the use of AI in the product to help legal teams to release efficiency and stimulate innovation.”
Investors seem satisfied with the Sotraft growth trajectory. This week, the company announced that it had lifted $ 54 million in a B -set led by Vetex Ventures Singapore with the participation of Trident Partners.
This probably did not hurt that the wider sector of Legaltech notes a infusion of funds after a few tax quarters. In 2024, the financing of VC in Legaltch reached $ 2.6 billion, by Pitchbook investment databaseAgainst a drop of less than a billion dollars invested in 2023.
Bringing the total of the company to just over $ 80 million, the new money will be devoted to R&D, the expansion of the market and the growth of the workforce of 250 people from Spotdraft to New York – The SPOTDRAFT – and Bengaluru headquarters.
Bijapur says that Spotdraft develops an “agental solution” to help internal advice to obtain “strategic commercial results”. It would not reveal exactly what form will take this solution, but unsurprisingly, AI is involved.
“Traditional legal work is bound by the” Dollars by the Hour “model, where ineffectiveness is often cooked in the system,” said Bijapur. “The agent solution will interact with other tools than the internal team uses. This will reduce the time spent on learning and configuring tools, allowing the team to focus on strategic work. »»
