SirionLabs, a provider of artificial intelligence-power contract lifecycle management solutions, has raised $85 million in Series D funding. Partners Group led the round.
PRESS RELEASE
SEATTLE, WA – May 10, 2022 – SirionLabs, the global leader in artificial intelligence (AI)-powered contract lifecycle management (CLM), today announced a fresh round of $85 million in Series D funding led by Partners Group, a leading global private markets firm, acting on behalf of its clients, with participation from existing investors Avatar Capital, Sequoia Capital and Tiger Global. This brings the total raised by SirionLabs to $157 million – a significant milestone for the company since it was founded in 2012 by entrepreneurs Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais as it more than doubles the company’s capitalization. The investment will enable SirionLabs to continue expanding its leadership position in the rapidly growing enterprise CLM market, which is projected to reach $3.3 billion by 2027.
“The two biggest challenges in CLM are aligning post-award performance with contract terms and automating the import of legacy documents using AI,” said Ajay Agrawal, Co-founder and CEO of SirionLabs. “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 funding from Partners Group will support scaling SirionLabs’ operations, which includes adding up to 200 employees to its global workforce. Key emphasis will be placed on product innovation in AI and user experience (UX) that will attract new customers while also better serving the SirionLabs current customer base of more than 250 companies.
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