The fresh capital will be directed toward product development, market expansion, and team growth. “We have always been an AI-first company, and a lot of research is going into product expansion,” said Shashank Bijapur, Co-Founder & CEO of SpotDraft.
The company plans to deepen its presence in the US while formally expanding into Europe and the Middle East. With an increasing customer base in these regions, SpotDraft aims to solidify its position among the top players in the mid-market CLM space.
While SpotDraft is not yet profitable, Bijapur shared ambitious growth targets, aiming for a tenfold increase in revenue over the next few years to reach $100 million in annual recurring revenue (ARR). “Profitability is probably another year/year-and-a-half away for us, but we are still in the growth phase, investing heavily in R&D and market expansion,” he noted.
SpotDraft has been transforming legal processes by improving contract management efficiencies. The platform enables businesses to create, manage, and analyse contracts, significantly reducing the time required for contract completion. “An MSA that would have taken weeks to finalise now takes just a couple of days,” Bijapur said.
A major driver of this efficiency is AI-powered contract review. SpotDraft’s Verify AI automates contract analysis, saving up to 70% of the time required for manual reviews. “Legal contracts are complex, and AI is making them easier to review by automating what was traditionally a slow and expensive process,” Bijapur explained.
As AI continues to evolve, the company aims to double its revenue annually and introduce new solutions tailored for in-house legal teams. “Legal teams are always strapped for time and budgets. We are building tools that automate the mundane legal work, allowing them to focus on strategic decision-making,” Bijapur added.
Watch the accompanying video for the entire conversation.
