tech
January 27, 2026
Qualcomm backs SpotDraft to scale on-device contract AI with valuation doubling toward $400M
SpotDraft now processes over 1 million contracts annually using its AI tool, with contract volumes up 173% year-over-year.
TL;DR
- SpotDraft raised $8 million in a Series B extension from Qualcomm Ventures.
- The funding values SpotDraft at approximately $380 million, nearly double its previous valuation.
- The investment will scale SpotDraft's on-device contract review AI technology for regulated legal workflows.
- On-device AI addresses privacy, security, and data governance concerns for sensitive enterprise data.
- SpotDraft demonstrated its VerifAI workflow running offline on Snapdragon X Elite-powered laptops.
- On-device models show comparable quality and faster response times to cloud-based systems.
- SpotDraft plans to use the funds to enhance product and AI capabilities and expand globally.
- The company has over 700 customers and sees significant growth in contract volumes and user activity.