SpotDraft Secures $8M in Series B Extension for AI Contract Management Platform
SpotDraft just signed another clause into its own story, and this one carries weight. On January 26, 2026, the Bengaluru, New York contract lifecycle management company closed an $8M Series B extension led by Qualcomm Ventures. No noise. Just a clear signal that serious infrastructure players are paying attention to how legal work actually gets done when privacy, speed, and scale all matter.
The origin story is professional frustration, not startup theater. Shashank Bijapur was practicing corporate law at White & Case, watching teams lose hours to repetitive contract work while every other function modernized. Madhav Bhagat, a Carnegie Mellon trained engineer with experience at Microsoft and Google, brought the technical spine. They met at a Diwali party, crossed continents, and started SpotDraft in 2017 with an unglamorous goal: make contracts behave like software, not paperwork.
Today the numbers speak quietly but clearly. SpotDraft serves 700+ organizations, up from ~400 a year ago. Over one million contracts run through the platform annually. Monthly active users sit near 50,000. Revenue grew 169% in 2024, stayed strong in 2025, and is projected to double again in 2026. Execution doubled the company’s valuation in eleven months to roughly $380M post-money.
What pulled Qualcomm Ventures in is architecture. SpotDraft’s VerifAI runs contract review directly on device, inside Microsoft Word, powered by Snapdragon processors. Clause extraction, risk scoring, and redlines happen locally, not in the cloud. That matters for pharma, defense, finance, anyone done explaining to compliance why sensitive contracts left the machine. There’s a ~5% accuracy tradeoff versus frontier cloud models, offset by one-third the latency.
The team knows both sides of the table. Shashank Bijapur sets the legal spine as CEO. Madhav Bhagat builds for scale as CTO. Akshay Verma runs operations with firsthand legal-team discipline. Alon Waks, Amit Sharma, Akshay Doshi, and the broader bench are scaling across the Americas, EMEA, and India with a platform that moves contracts faster, cheaper, and with fewer excuses.
Contracts are where deals slow down and trust gets tested. SpotDraft is betting the future of legal AI lives where the work happens, on the machine, in the document, under the user’s control. The next few signatures are worth watching.