Qualcomm Ventures, the investment arm of the chipmaker, has led a $30 million Series B round in SpotDraft, a startup that uses AI to help companies manage contracts on their devices. The funding will help SpotDraft scale its on-device contract AI technology, which aims to improve privacy and efficiency by processing contracts locally rather than in the cloud.
SpotDraft’s platform uses natural language processing to analyze contracts, extract key terms, and automate workflows. By running AI models directly on devices, the company claims it can offer faster processing times and enhanced data security, which is critical for sensitive legal documents.
The new funding round values SpotDraft at nearly $400 million, doubling its valuation from the previous round. The company plans to use the capital to expand its engineering team and accelerate product development, focusing on enhancing its AI capabilities and broadening its customer base.
Qualcomm’s investment reflects a growing interest in on-device AI solutions, which are seen as a way to reduce latency and protect user data. SpotDraft’s approach aligns with this trend by enabling enterprises to handle contract management tasks more securely and efficiently.
SpotDraft’s CEO said the company is excited to partner with Qualcomm Ventures to bring its technology to more customers and continue innovating in the contract AI space.
