Qualcomm invests in SpotDraft for contract AI

SpotDraft, a company developing artificial intelligence solutions for contract management, has secured funding from Qualcomm. This investment aims to further scale the on-device AI capabilities of the platform.

Currently, SpotDraft processes over one million contracts annually through its AI tools. The company has recorded a contract volume growth of 173% compared to the previous year. SpotDraft's valuation is approaching $400 million.

On-device processing, such as that promoted by SpotDraft, can offer significant advantages in terms of latency and privacy, as data does not need to be transferred to remote servers for analysis. This is particularly relevant in sectors that require high standards of security and regulatory compliance.

For those evaluating on-premise deployments, there are trade-offs to consider. AI-RADAR offers analytical frameworks on /llm-onpremise to evaluate these aspects.