Contract mgmt solutions provider SpotDraft raises $26-M led by Premji Invest

Bengaluru-based SpotDraft, an AI-powered Contract Lifecycle Management (CLM) solutions provider, has closed USD 26 million in Series A funding. The round was led by Premji Invest, with participation from Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, and 100x Entrepreneur Fund. The fresh capital will be used for product development and growth in North America. SpotDraft acts as a digital record system for in-house legal teams and also by sales, marketing, human resources, business operations, and procurement teams. It helps to speed up various aspects of the contract review and management process, such as providing a quick summary of tracked changes received, enabling semantic search across contracts, and generating follow-up tasks on contract execution.