SirionLabs, developer of AI-powered enterprise contract lifecycle management technology, said yesterday it has raised $44 million in a Series C round, bringing its total capital raised to date to $66 million.
Yesterday, I reported on three other contract review and management companies that had financing rounds totalling $26 million, so this brings to $92 million the amount invested in corporate contracts technology in a single day.
The investment in SirionLabs was led by Tiger Global and Avatar Growth Capital. Earlier investment rounds in the company were led by Sequoia Capital India.
SirionLabs was founded in 2012 by Ajay Agrawal, the cofounder in 2006 of legal process outsourcing company UnitedLex. Agrawal sold his stake in UnitedLex in 2011 and left the company. Earlier in his career, he was a lawyer at both Simpson Thacher and Debevoise & Plimpton in New York.
In an announcement, the company said it will use the funding to strengthen its leadership in the CLM category, where it says it has seen four-times customer growth in the last 18 months and doubling of its revenue year-over-year for the past three years.
The company was named a Visionary in Gartner’s 2020 CLM Magic Quadrant and the top-ranked CLM in Spend Matters’ SolutionMap six times in a row.
The company says its approach to CLM is superior to others in that it goes beyond contract authoring and storage and enables granular management of performance, invoices and relationships during the post-signature phase.
It hosts contracts in over 40 languages for more than 200 of the world’s largest companies, including Vodafone, Unilever, BP, EY, Fujitsu, Credit Suisse and Abbvie, it says.