India, Feb. 13 -- AI-driven enterprise tech startup SpotDraft has raised $54 Mn in its Series B funding round led by Temasek subsidiary Vertex Growth and Trident Partners.

The round also saw participation from existing backers Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest.

The startup plans to utilise the fresh proceeds for market expansion and to hire for key leadership roles. A chunk of the capital will also be used for "deepening" the use of AI in its product suite and focus on product enhancements.

Founded in 2017 by Shashank Bijapur, Madhav Bhagat and Rohith Salim, SpotDraft operates an AI-powered contract lifecycle management (CLM) platform that helps sales, legal and human resources teams manage multiple aspects of...