SirionLabs, a company offering contract management software solutions to clients, has recently raised US$44 million in Series C funding round led by Tiger Growth and Avatar Growth Capital.
Reportedly, with the raised funds, the company aims at expanding its operations and meeting the demands of its clients.
For the record, to date, SirionLabs has raised close to US$66 million and the new round pushes the value of the eight-year-old startup to US$250 million. Citing sources, Indian venture capital fund Avatar has increasingly invested in SaaS startups in India, while a similar area of interest has been showcased by Tiger Global in recent years.
Seemingly, the institutions broadly manage two types of contracts, one where they buy things from a supplier for which they use a procurement contract and the other where they sell items to the customers, where a sale contract takes place.
Apparently, many companies handle the contracts manually with the help of different teams within an organization that deals with the same entity that may often lead to discrepancies in their promises.
According to Ajay Agrawal, Co-founder, Chairman, and CEO of SirionLabs, the company uses AI and natural language processing solutions to understand the contract and what occurs once the contract is signed. Moreover, the company also audits the invoice of the suppliers that allows its clients to save a considerable amount of money.
He further added that the startup has witnessed 4 times growth in the total number of customers in the last 18 months and a part of the newly raised capital will go into meeting their demands.
Notably, the company hosts contracts in more than 40 languages for over 200 leading companies in the world. Some of the prominent names include Vodafone, Credit Suisse, Unilever, EY, Fujitsu, BP, and Abbvie.
SirionLabs recently established a technology center in Seattle and has plans of opening an Artificial- Intelligence laboratory in Washington state to expand sales and facilitate technological development.
Source Credit: https://techcrunch.com/2020/05/13/sirionlabs-raises-44m-to-scale-its-contract-management-software/