SpotDraft, an AI-powered contract lifecycle management (CLM) solution provider, has closed its Series A funding round, raising $26 million.

The company anticipates to use the proceeds from the round for further development of AI-powered legal software and for scaling the business in North America.

Led by Premji Invest, the round also saw participation from Arkam Ventures, Prosus Ventures, Riverwalk Holdings, 021 Capital, and 100x Entrepreneur Fund.

SpotDraft’s platform provides a modern dashboard for legal, sales, marketing, business operations, human resources,  and procurement teams to create, manage, review, and execute contracts, store, and organize agreements, submit legal requests and approvals, and produce risk reports automatically.

Shashank Bijapur — SpotDraft Co-founder and CEO said: “Apart from dealing with legal work, today’s legal teams are expected to be leaders in everything from business strategy and governance to compliance and risk management.

“However, they’re often being asked to do all of this with one hand tied behind their backs.

“We like to think of what we are building as a co-pilot for legal teams – a system that acts as a strategic partner for in-house counsels by taking care of the repetitive tasks and thereby enabling them to focus on higher leverage activities.”

SpotDraft said that its web app integrates with tech stacks, which are utilized by startups and enterprises like Salesforce, Slack, Hubspot, and Google Drive among others.

The company’s contract lifecycle management platform is said to have processed over a million contracts, thereby freeing up more than 1.5 million hours of legal work.

Atul Gupta — Premji Invest Partner said: “Contracting has multiple stakeholders, including legal, sales, finance, and it is important to create a seamless experience for all of them.

“We invested in SpotDraft’s world-class team because they’ve elegantly solved this business problem and created a product that is loved by teams across the organization.”

Some of the clients of SpotDraft include Airbnb, Panasonic, Notion, Chargebee, and Strava.

  021 Capital, AM Ventures, Arkam Ventures, Atul Gupta, Entrepreneur Fund, Premji Invest, Prosus Ventures, risk management, Riverwalk Holdings, Shashank Bijapur, SpotDraft