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AI-powered legal platform SpotDraft raises $54m series B
SpotDraft’s innovative platform focuses on the entire contract lifecycle, using AI to streamline contract drafting, review, and management. By automating clause extraction, monitoring obligations, and flagging risks, the platform improves both efficiency and accuracy in legal documentation. The Series B round will support market expansion and further development of its suite of AI-enhanced tools, making contract management more agile and data-driven.
Jeremy Hill
20 Feb • Estimated Reading Time: 2 minutes
SpotDraft Lands $54M Series B to Advance AI-Driven Contract Management
SpotDraft has successfully raised $54 million in Series B funding—approximately £43.2 million—to drive the next phase of growth for its AI-enhanced contract management platform. The company’s innovative solution automates the entire contract lifecycle, from drafting and negotiation to execution and renewal, leveraging advanced AI to extract critical clauses and monitor contractual obligations.
This significant capital infusion will be allocated to refining its AI algorithms, with an emphasis on improving the accuracy of clause extraction and risk detection. SpotDraft also plans to scale its technology infrastructure to support a growing client base and expand internationally, particularly into North American and European markets.
Investors in this round are drawn by SpotDraft’s potential to disrupt traditional contract management processes, reducing both time and operational costs for legal teams. The funds will further be used to bolster research and development, as well as to enhance the platform’s user interface, ensuring a seamless and intuitive experience for users.
SpotDraft is also focusing on strategic talent acquisition, expanding its team with experts in AI, LegalTech, and customer service. This will support not only product innovation but also a robust go-to-market strategy aimed at capturing a larger share of the global LegalTech market.
With strong investor backing and a clear roadmap for product enhancement and market expansion, SpotDraft is well positioned to become a key player in the evolution of legal document management, delivering significant value to law firms and corporate legal departments.
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