Spotted Draft has raised $8 million from Qualcomm Ventures and will expand its on-device contract review technology, TechCrunch reported on Monday.

The investment values Spotted Draft at $380 million. That is nearly double its valuation after a $56 million Series B round last year.

Companies want to adopt generative AI, but in law, adoption of cloud-based AI is being delayed by concerns over protecting confidential information in contracts and data security. Spotted Draft developed a VerifAI workflow designed to run contract review on-device, enabling offline contract review and editing on laptops equipped with Qualcomm's Snapdragon X Elite chipset.

An internet connection is required only for logins and collaboration features. Contract review, risk assessment and editing are handled locally without sending data to the cloud.

Spotted Draft said it expects on-device AI to play a key role in the legal market. It said VerifAI is designed to go beyond simple summaries and review contracts by reflecting corporate guidelines and policies.

Spotted Draft said it has more than 700 customers and processes more than 1 million contracts a year. It plans to use the funding to expand in North America, Europe, the Middle East, Africa and India.