SpotDraft now processes over 1 million contracts annually using its AI tool, with contract volumes up 173% year-over-year.

TechCrunch (TC) is a leading technology news and media site that covers the latest trends, startups, and innovations in the tech industry. With breaking news,  analysis, and expert commentary, TechCrunch provides  insights into the world of technology and entrepreneurship. Developers can learn about emerging technologies, funding opportunities, and market trends by following TechCrunch's coverage of the tech industry.

TechCrunch

SpotDraft raised $8 million from Qualcomm Ventures in a Series B extension, nearly doubling its valuation to $380 million. The company is scaling its on-device contract AI technology that runs locally on Snapdragon-powered laptops, allowing legal teams to review contracts offline without sending sensitive data to the cloud. The startup now processes over 1 million contracts annually with 173% year-over-year volume growth, serving 700+ customers including Apollo.io and Panasonic. On-device models now perform within 5% of cloud-based frontier models while addressing privacy and compliance concerns in regulated sectors like defense and pharma.

Qualcomm backs SpotDraft to scale on-device contract AI with valuation doubling toward $400M