[Funding alert] SirionLabs raises $44M Series C investment led by Tiger Global, Avatar Growth Capital
Enterprise contract management startup SirionLabs has raised $44 million Series C funding led by Tiger Global and Avatar Growth Capital.
SirionLabs will use this round of funding to focus on strengthening its leadership. It has also announced the launch of its new Seattle-based Technology Centre and appointed a few leaders.
With this round of funding the total capital raised by SirionLabs is at $66 million. The earlier rounds were led by Sequoia Capital.
Ajay Agrawal, Co-founder, Chairman, and CEO of SirionLabs, said: “SirionCLM’s permissioned ledger architecture does away with analogue contracting processes, which are adversarial in nature, and instead creates a level playing field that gives all companies, whether buyers or sellers, an opportunity to collaborate and leverage a single source of truth in realising business outcomes embedded in contracts. I am delighted to welcome Tiger Global and Avatar Growth Capital as our latest investors. It is a strong vote of confidence in our vision to revolutionise contracting.”
The team claims to have 4x customer growth in the past 18 months and has seen its revenue doubling in the past three years.
SirionCLM’s approach goes well beyond analogue CLM technology (contract authoring and storage) by enabling management of performance, relationships, and invoices during the post-signature phase.
Some of the startup's key innovations include innovations include automated obligation extraction, AI-led contract authoring, predictive invoicing on a permissioned ledger architecture to promote true buyer-supplier collaboration, real-time service level computation, and reduced leakage by 5-10 percent.
At the forefront of AI-driven innovation
Kanti Prabha, Co-Founder and Chief Operating Officer, SirionLabs, said: “SirionLabs is at the forefront of AI-driven innovation that’s transforming the enterprise technology space. Our success is a reflection of the world-class engineering talent that exists in India and yet another indicator of India’s potential to be a SaaS powerhouse solving complex business problems for global enterprises. With this latest round of funding, we look forward to fast tracking the execution of our product roadmap and making deep investments in further developing our engineering workforce.”
The Sirion Network 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.
The team adds that traditional CLM solutions offer limited visibility beyond contract signature, and operate in antiquated silos. Thus, with much of the operational data sitting in silos, and invoice validation being manual, enterprises end up having 15-20 percent leakages, due to invoicing errors, claims and disputes, consumption, and missed deliverables.
Vishal Bakshi, Founder and Managing Partner at Avatar Growth Capital, said: “Complex services represent a multi-trillion global market but contracting and governance continue to be cumbersome manual processes. SirionLabs has spent several years in developing proprietary AI-enabled performance and invoice reconciliation capabilities to address these inefficiencies head-on."
“Pioneering a two-sided, international marketplace creates benefits for enterprise clients and service providers, and with it the potential for SirionLabs to capture massive network effects as the platform continues to scale. It’s exciting to support Ajay and his team on this journey,” Vishal said.
(Edited by Teja Lele Desai)