SirionLabs, a Contract management software-as-a-service (SaaS) startup has raised $85 million in its Series D funding round from Partners Group.
Existing investors Avatar Capital, Sequoia Capital and Tiger Global also participated in this funding round.
With this investment, the Managing Director of Partners Group Private Equity Asia Cyrus Driver will join the board of SirionLabs.
The company plans to use this funds to scale up its operations, increase hiring and add 200 employees to its workforce. It will also use the funds to enhance its product development, user interface and investments to focus on AI development to attract new customers.
SirionLabs was founded in 2012 by Ajay Agrawal, Kanti Prabha, Aditya Gupta, and Claude Marais, It provides a smart contract management service for authoring, extraction, obligation management and collaboration.
The startup’s AI-powered offering enables legal and contract management teams to exercise control over the lifecycle of contracts from authoring to proactive life management and renewal to termination of contracts.
“This capital allows us to seize the moment, accelerate product innovation and bring our award-winning solution to an increasing number of enterprise customers”, said, Ajay Agrawal, CEO, and co-founder of SirionLabs.
The startup claims to have over 250 customers in over 70 countries and over 5 million contracts worth $450 billion worldwide.
Since its inception, the startup has claimed to have raised $157 million in funding. In May 2020, SirionLabs had raised $44 million in a Series C funding round from Tiger Global and Avatar Growth Capital.
Bringing together category-leading innovations, unrivaled Contract Lifecycle Management expertise, and a deep commitment to customer success, SirionLabs helps the world’s leading businesses contract smarter. Powered by intelligence uniquely connected across the complete contract lifecycle, SirionLabs’ easy-to-use, highly configurable Smarter Contracting Platform brings all enterprise teams together to author stronger agreements, manage risk and strengthen counterparty relationships.
Their AI-powered CLM technology is trusted by the world’s most successful organizations to manage 5 million+ contracts worth over $450 billion across 70+ countries.