US-based SirionLabs has raised $85m in a Series D funding round for its artificial intelligence (AI) powered contract lifecycle management (CLM) platform dubbed SirionOne.
The funding round was led by global private markets firm Partners Group, acting on behalf of its clients. It also saw the participation of SirionLabs’ existing investors Avatar Capital, Tiger Global, and Sequoia Capital.
So far, SirionLabs has raised $157m, which includes $44m secured from a Series C round in 2020.
Partners Group private equity, technology managing director Cyrus Driver said: “We are delighted to lead this fundraising round for SirionLabs and have strong conviction in the company’s future growth potential.
“The addressable market for CLM is expanding rapidly as more organizations undertake digital transformation initiatives. We were attracted by SirionLabs’ leadership in this category, superior product offering, and blue-chip client base, and look forward to working with management on increasing scale-up capacity.”
Founded in 2012, SirionLabs has built the Smarter Contracting platform, which is said to bring together legal, procurement, sales, and business teams to prepare stronger contracts. The contract lifecycle management platform is also said to enhance risk management and bolster counterparty relationships.
The company said that the funding from Partners Group will help in scaling its operations. As part of this, AI start-up plans to add 200 more employees to its global workforce.
SirionLabs’s main emphasis will be on product innovation in AI as well as user experience (UX) to draw new customers while also better serving its existing customer base of over 250 firms.
Besides, the investment is expected to help the company deliver on its key capabilities for contracting professionals across a variety of industries. These include cutting down time-to-contract for sales teams, giving visibility to finance professionals into expenses and revenues, and minimising risk and contract review time for legal teams, among others.
SirionLabs co-founder and CEO Ajay Agrawal said: “The two biggest challenges in CLM are aligning post-award performance with contract terms and automating the import of legacy documents using AI.
“The SirionOne platform has a compelling technology advantage in both of these areas. This capital allows us to seize the moment, accelerate product innovation and bring our award-winning solution to an increasing number of enterprise customers.”
