SirionLabs, a Seattle, WA-based company that provides AI-powered contract lifecycle management (CLM), raised an additional $25 million in funding, bringing its Series D to $110 million as a result of an investment by Brookfield Growth.
The previously announced $85 million Series D round was led by Partners Group, with participation from existing investors Sequoia India and Tiger Global.
The fresh capital will enable the company to expand its leadership position in the rapidly growing enterprise CLM market.
The additional investment will support product innovation that will allow Sirion to reinforce its position at the forefront of CLM, including advances in AI capabilities and seamless integration with enterprise platforms such as SAP S/4HANA®, Salesforce, and Microsoft 365.
“Sirion’s superpower is that it goes beyond the operational efficiencies of traditional CLM to monitor and manage performance against the terms of the contract after the contract has been signed,” said Ajay Agrawal, founder, and CEO of Sirion. “Bringing to life complex objects like obligations, service levels, and pricing mechanisms, and using this to realize hard-dollar savings, is a harder path but ultimately offers much broader business value for our customers.”
Sirion is rapidly expanding its R&D to hubs across the globe to leverage talent in AI, user experience, data science, and design thinking.
Company: SirionLabs Inc.
Round: Series D
Funding Month: January 2023
Lead Investors: Brookfield Growth
Company Website: https://www.sirionlabs.com/
Software Category: Contract Management Software
About the Company: Founded in 2012 by entrepreneurs Ajay Agrawal, Kanti Prabha, Aditya Gupta, and Claude Marais, SirionLabs is an AI-powered Contract Management platform for the whole enterprise that helps enterprises manage the complete contracting lifecycle on a single, easy-to-use platform. Powered by intelligence uniquely connected across the complete contract lifecycle, Sirion's easy-to-use, highly configurable Smarter Contracting platform brings legal, procurement, sales, and business teams together to author stronger contracts, improve risk management and strengthen counterparty relationships. SirionLabs is trusted by over 250 leading organizations to manage 5+ million contracts worth more than $450 billion across 70+ countries. The company recognized by Gartner as a leader in the 2022 Magic Quadrant for Contract Life Cycle Management, SirionLabs, was ranked first in three of five use cases—including for full lifecycle enterprise CLM—in the 2022 Gartner® Critical Capabilities for Contract Life Cycle Management. It was also named a leader in the 2021 Forrester Wave and the 2021 IDC MarketScape reports for CLM.