SpotDraft shows that contract lifecycle management remains profitable, raises $26M
- Bijapur claims that SpotDraft’s AI has processed over 1 million contracts to date — data that the company’s using (anonymously) to improve its algorithms.Through SpotDraft’s automated approvals system, users can create custom workflows to trigger and automate required approvals based on conditions such as jurisdiction, deal value and entity.
- SpotDraft competes for customers against vendors like LinkSquares, which raised $100 million last April, and Filevine which nabbed $108 million the same month as LinkSquares’ mammoth funding round.Bijapur says that business is in good shape, though, claiming that revenue tripled this year.
- Image Credits: SpotDraft“We are building an AI engine personalized for legal teams to ensure that a lot of the repetitive work related to contract review and negotiations happen faster than ever,” Bijapur said.
- “We also support embedding contract execution into any app as part of the onboarding flow, which removes what is usually the only manual step in an otherwise automated process of onboarding vendors and customers alike.”SpotDraft’s platform is holistic, to be sure.
- While a relatively small space compared to, say, the market for customer relationship management ($44.9 billion in 2023), contract lifecycle management, or CLM, is growing at a rapid clip.
- Two years ago, startups developing software that helps draft, manage and review contracts raised over $70 million in venture equity.
VCs see a rich opportunity in tools to manage the contract lifecycle. Two years ago, startups developing software that helps draft, manage and review contracts raised over $70 million in venture equi [+4900 chars]