Participated · Seed · Oct 2017

Founded in 2017, Bengaluru- and New York-based SpotDraft offers VerifAI, an on-device contract review tool embedded in Microsoft Word that compares documents against a customer’s policies and playbooks without sending data to the cloud. The product sits within the company’s broader contract lifecycle management platform, now used by more than 700 customers—including Apollo.io, Panasonic, Zeplin, and Whatfix—to process over 1 million contracts annually. SpotDraft’s customer base has grown from roughly 400 accounts a year earlier, driving contract volume up 173% year over year and supporting 50,000 monthly active users. Management reports revenue growth of 169% in 2024 and a similar pace in 2025, with expectations of 100% year-over-year growth in 2026. The company employs 300-plus people, primarily in Bengaluru, with small teams in the U.S. and U.K. By keeping core contract intelligence on-device, SpotDraft targets highly regulated sectors such as defense and pharma that have strict data-residency and privacy requirements. Proceeds from the latest funding will be used to deepen AI capabilities and expand go-to-market efforts across the Americas, EMEA, and India in partnership with Qualcomm.