SpotDraft Leverages AI to Revolutionize Contract Management

SpotDraft, a legal tech startup, is utilizing AI to transform contract management, offering tools that streamline legal processes for in-house teams.

It’s no secret—legal pros are jumping on the AI bandwagon, and the numbers don’t lie. A Clio survey shows AI usage skyrocketed from a modest 19% in 2023 to a whopping 79% just a year later. Leading the charge? SpotDraft. Since its 2017 launch by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, this trailblazer has been turning heads with its smart contract automation and management tools.

What’s under the hood? Imagine AI that not only pulls out the nitty-gritty from contracts but also sums up changes and nudges you on what to do next. And let’s not forget VerifAI and ClickThrough—these gems make contract review a breeze, keep all your agreements in one spot, and let you search and report like a pro.

Going toe-to-toe with the big players, SpotDraft’s already wooed about 400 customers and seen revenues shoot up by 169% year over year. Fresh off a $54 million Series B funding round (thanks, Vertex Growth Singapore), their war chest now tops $80 million. Plans for the cash? Pump up R&D, conquer new markets, and grow the team.

But wait, there’s more. SpotDraft’s cooking up an ‘agentic solution’ to arm in-house legal teams with AI-powered strategies for business wins. Because why just keep up when you can lead the pack?