**SpotDraft Scores $8 Million from Qualcomm Ventures, Stuns with $380M Valuation**
I’m huge on contracts, and I do know a factor or two about making ready them. However one thing that’s been bothering me for a while now’s the best way corporations deal with sensitive data. Principally, we’ve all heard the horror tales about massive information breaches and delicate data getting compromised within the cloud.
However what if I instructed you that there’s a method to shift this danger off the cloud and onto your gadget? Enter SpotDraft, a San Francisco-based startup that’s revolutionizing contract evaluation with its on-device know-how. They simply scored $8 million in funding from Qualcomm Ventures, which has raised their valuation to a whopping $380 million – a basically insane increase from the $190 million just a year ago.
So, what’s the massive deal? Effectively, enterprises need to be cautious about sending delicate paperwork to the cloud, the place they might get break in. And in regulated sectors like authorized, protection, and pharma, the stakes are even greater. That’s the place SpotDraft comes in. Their on-device contract evaluation tech means that you can hold delicate data native within the cloud, whereas nonetheless offering the results you need.
**On-Device AI: The Future of Enterprise**
SpotDraft’s co-founder and CEO Shashank Bijapur believes that the way forward for enterprise AI is on-device. “The longer term of how enterprise AI goes to be is on-device know-how,” he mentioned. “We’re speaking about AI that’s close to the doc, which is privateness-critical, latency-sensitive, and legally delicate.”
That’s why they’ve developed VerifAI, an on-device workflow that goes past summarizing contracts. You can think about it as a playbook for your entire contract evaluation course of, really applied instantly inside Microsoft Phrase. It’s a recreation changer for authorized groups.
**Expanding Operations and Abilities**
With this funding, SpotDraft plans to blow the floor off their enlargement, broadening their presence in North America, EMEA, and India. They’ll even be deepening their product and AI capabilities, and increasing their operations in the us.
Qualcomm’s investment is more than just financing – they’re additionally collaborating on joint growth and go-to-market efforts for on-device deployments, so anticipate to see plenty of movement on this entrance.
**Key Stats**
* SpotDraft has now raised $92 million, together with this latest $8 million from Qualcomm Ventures.
* The corporate has a workforce of over 300 workers, together with 15-20 in the US and 10 within the UK.
* They’ve seen a 173% YoY enhance in contract volumes, with over 1 million contracts processed every year.
* They count on 100% YoY income progress in 2026, after posting 169% progress in 2024 and the identical in 2025.
SpotDraft is pushing the envelope with their on-device contract evaluation tech, and with this new funding, they’re ready to take it to the subsequent degree. Keep tuned to see what they have in retailer for us!
