SimpliContract, a Bengaluru, India-based company that provides an AI and SaaS-based contract lifecycle management (CLM) platform, raised $3.5 million in pre-Series A funding, bringing its total raised to $5.3 million.
The round was led by Emergent Ventures, with participation from Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures, and Sentinel Ventures.
The funds will be used to fuel its growth and expansion in the US and European markets, with a focus on investing in sales and marketing.
Highlighted the importance of CLM and LegalTech in today's digital age. "With digitization and automation taking center stage, CLM is no longer a 'good to have' but a 'must-have' for enterprises. We've seen a considerable uptake for our CLM platform basis its maturity, versatility, and unique features compared to contemporaries in the market," said Guru Venkatesan, co-founder, and CEO of SimpliContract.
SimpliContract is a B2B enterprise SaaS startup that provides an AI-powered CLM platform to assist legal, sales, finance, procurement, and HR teams. The platform streamlines the contracting lifecycle, reduces complexity and friction, and ensures compliance across all stages of the contracting process.
The company's CLM platform is powered by NLP-enabled AI technology, and it currently serves enterprise customers such as Bass Pro Shops, ATI Physical Therapy, NHS, Kent Police, Cyient, Flipkart Group, and Byju's, with a total contract value of $30 billion under management.
Company: SimpliContract
Raised: $3.5M
Round: Pre-Series A
Funding Month: April 2023
Lead Investors: Emergent Ventures
Additional Investors: Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures, and Sentinel Ventures
Company Website: https://simplicontract.com/
Software Category: Contract Lifecycle Management (CLM)
About the Company: Founded in 2020, SimpliContract is a SaaS-based and AI-powered end-to-end enterprise contract lifecycle management platform. It helps organizations accelerate revenue, reduce risk, improve compliance, reduce expenses, and boost productivity. The company is on a mission to democratize contracting and establish powerful contract management practices using the power of AI. They help in-house legal, sales, finance, and procurement teams simplify the process across the contract lifecycle and enable real-time collaboration for internal and external stakeholders. Its end-to-end CLM platform empowers 20K+ enterprise users and stakeholders to manage contracts effectively and efficiently through a unified collaboration platform.
Source: https://www.businesswireindia.com/enterprise-clm-player-simplicontract-raises-usd-35-million-in-pre-series-a-led-by-emergent-ventures-83998.html