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SpotDraft uses AI to assist with moving contracts through the legal review process.Image Credits:SpotDraft
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More and more legal professionals are embrace AI , survey show . Per arecent poll from sound tech company Clio , 79 % of firm used some form of AI for casework last year , up from just 19 % in 2023.Despite some scepticism of the technical school , in - sign counsel has shown an stake , as well , withone surveysuggesting that nearly half of attorneys consider AI can return monetary value savings for their departments .
Legal tech providers are pop up left and correct to encounter the need . SpotDraft , which focus on building contract automation and direction software package , is one such comparative newcomer . Founded in 2017 , SpotDraft sells tools to help in - house sound squad simplify their contracting tasks .
Shashank Bijapur , Madhav Bhagat , and Rohith Salim were on SpotDraft ’s other team . Bijapur , the company ’s CEO , state that the idea for SpotDraft came to him while he was an familiar at Bengaluru - based practice of law firm White & Case , which dealt with high volumes of corporate contract .
SpotDraft ’s platform uses AI to extract fundamental details and clauses from contracts , providing summary of change and suggested accompany - up oeuvre . A interconnected task center show upcoming deadline , renewal reminder , and individual and team line , helping orgs stay organized — at least in theory .
One of SpotDraft ’s AI - powered feature , VerifAI , knock AI to refresh contracts against a select guide or template . Another , ClickThrough , keep all declaration agreements in a dedicated , centralized depository , and lets users search across and make reports with them .
SpotDraft competes for client against vendor likeLinkSquares , DocuSign - own Lexion , Workday ’s Evisort , andFilevine . But it ’s holding its own , according to Bijapur . SpotDraft presently has around 400 client , and the company ’s year - over - class receipts grew 169 % last yr .
“ We conceive 2025 will be an inflection point for team SpotDraft , ” Bijapur said . “ We ’re powerfully attached to deepening the exercise of AI in the product to help legal teams unlock efficiency and drive innovation . ”
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Investors seem pleased with SpotDraft ’s growth flight . This hebdomad , the society announced that it invoke $ 54 million in a Series B round led by Vertex Growth Singapore and Trident Partners with involvement from Xeed VC , Arkam Ventures , Prosus Ventures , and Premji Invest .
It probably did n’t hurt that the broader legal tech sphere is seeing an infusion of funds after a rough few fiscal quarters . In 2024 , VC financial support in effectual tech reached $ 2.6 billion , per investment funds database Pitchbook , up from a decline of less than $ 1 billion adorn in 2023 .
Bringing the company ’s total raised to just over $ 80 million , the new cash will be put toward R&D , marketplace expanding upon , and grow SpotDraft ’s 250 - person workforce across New York — SpotDraft ’s HQ — and Bengaluru .
Bijapur say that SpotDraft is developing an “ agentic solution ” to facilitate in - house counsel attain “ strategic business result . ” He would n’t reveal exactly what soma this resolution will take , but unsurprisingly , AI is involved .
“ Traditional legal work is bound by the ‘ dollars by the hour ’ model , where inefficiency is often bake into the system , ” Bijapur said . “ The agentic solution will interact with other tools that the in - sign team uses . This will reduce the amount of sentence pass on get a line and configuring tools , allowing the squad to focalise on strategic work . ”
