SpotDraft, a leading AI-powered contract lifecycle management (CLM) platform, has secured an $8 million strategic Series B extension investment from Qualcomm Ventures. This funding follows SpotDraft’s $56 million Series B raise in February 2025 and indicates a growing demand for secure, high-performance legal AI solutions capable of running directly on-device. The investment aims to deepen SpotDraft’s product and AI capabilities and expand its enterprise presence across the Americas, EMEA, and India.
SpotDraft’s AI-powered contract review tool, VerifAI, operates entirely on-device, handling embeddings, clause extraction, risk scoring, and direct application of edits on Snapdragon processors. While the application requires internet connectivity for sharing, login, and license checks, core contract review, risk scoring, and editing functions are executed completely offline on the local machine.
Shashank Bijapur, Co-founder and CEO of SpotDraft, stated that the investment validates the company’s architectural approach. He highlighted that legal teams manage highly sensitive business information, and most AI tools currently necessitate sending this data to external cloud models. SpotDraft’s platform, in contrast, runs core contract intelligence workflows locally on-device, offering AI capabilities without compromising performance, privacy, security, or control.
Qualcomm Technologies’ Snapdragon Summit 2025 featured SpotDraft, where it demonstrated fully on-device contract review running on Snapdragon® X Elite laptops without cloud connectivity. This showcase underscored the viability of privacy-first AI for enterprise legal operations.
Quinn Li, Senior Vice President at Qualcomm Technologies, Inc. and global head of Qualcomm Ventures, commented on AI’s transformative role in legal workflows, bringing new efficiencies to a text-intensive field. Li emphasized that SpotDraft’s ability to deploy proprietary models securely on-device using Snapdragon platforms represents a significant advancement for privacy-critical industries. Qualcomm Ventures anticipates strong potential for this technology across the legal ecosystem.
Madhav Bhagat, Co-founder and CTO of SpotDraft, explained the platform’s deliberate separation of tasks, with core contract understanding, guideline checks, and recommendations running locally on-device, while orchestration, learning, and large-scale analytics remain cloud-driven. Optimizing these workflows for the Qualcomm® Hexagon™ NPU ensures low-latency, private AI experiences without sacrificing accuracy.
This investment aligns with Qualcomm Ventures’ belief in on-device AI as the future of enterprise computing. The firm has previously supported foundational AI leaders like Anthropic and Cerebras, alongside enterprise applications demonstrating real-world edge AI deployments in various sectors, from industrial robotics to fleet safety and security operations.
To date, SpotDraft has raised $92 million from investors including Qualcomm Ventures, Vertex Growth Singapore, Trident Growth Partners, Xeed VC, Arkam Ventures, and Prosus Ventures. The company reports strong momentum, with 100% year-over-year growth in customer acquisitions, a 173% year-over-year increase in contract volumes, and nearly 50,000 monthly active users processing over 1 million contracts annually. SpotDraft’s customer base includes Apollo.io, Panasonic, Zeplin, and Whatfix. The company has also been recognized by Fast Company’s Most Innovative Companies and Forbes Asia’s 100 to Watch.
