Companies have hundreds if not thousands of contracts between their clients, vendors and staff, making it hard to manage each one individually. Thankfully with the rise of CLM softwares it’s easier to keep track of contracts. SirionLabs is one of the premier CLM software startups and it recently secured new funding to expand its platform.
On Tuesday, Bellevue-based SirionLabs raised $85 million in a Series D funding round led by Partners Group, a private equity firm headquartered in Switzerland. Since launching in 2012, SirionLabs has raised $157 million in venture capital.
Sirionlabs’ CLM software uses AI to streamline and automate certain processes such as creating new contracts. With the SirionOne platform, users can create new contracts using language from previous ones and can all pull data and records into the contracts using other CRMs or integrations.
“The two biggest challenges in CLM are aligning post-award performance with contract terms and automating the import of legacy documents using AI,” Ajay Agrawal, co-founder and CEO of SirionLabs, said in a statement. “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.”
The SirionOne platform also facilities contract negotiations and provides analytics on various tasks, including when contracts are approved or need to be renewed. According to SirionLabs, its platform is used by over 250 organizations and has managed over five million contracts in 70-plus countries.
Following the startup’s latest capital raise, it expects to add 200 employees to its global workforce with a focus on attracting AI and UX talent, according to a company statement.
“We are delighted to lead this fundraising round for SirionLabs and have strong conviction in the company’s future growth potential,” Cyrus Driver, managing director of Partners Group’s Private Equity Technology division, said in a statement. “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.”
Driver is also set to join Sirionlabs’ board of directors.
