SaaS startup SirionLabs raised $85 million in Series D led by Partners Group
- ByStartupStory | May 12, 2022
Contract Lifecycle Management (CLM), a method of managing contracts from initiation through award, compliance, and renewal, can be costly to the organizations. World Commerce and Contracting estimates the average cost of a simple contract to be $ 6,900, and for more complex contracts it will exceed to somewhat around $ 49,000. According to KPMG’s research, this opportunity is often worth the investment, but without strict contract management, companies risk losing up to 40% of their contract value.
The intriguing prospect of automating the contract process has drawn many entrepreneurs into the field, including United Lex co-founder Ajay Agrawal. Agrawal’s latest venture is Sirion Labs, which incorporates AI technologies such as natural language processing to import and organize contracts, negotiations, and contract reviews.
Emphasizing investors’ interest in this segment, Sirion Labs announced that it has completed a $ 85 million Series D funding round led by Partners Group with the participation of existing investors Sequoia Capital and Tiger Global. With a total revenue of $ 157 million, Agrawal states that it will be used to expand its business, research and develop its products.
SirionLabs uses legal documents and algorithms trained in “industry data” to gain insights into contract fulfillment, invoices, and relationships during the post-signature phase. (The company refused to provide detailed information about the training data, and the accuracy of the algorithm has not been evaluated by a third party.) You can select and use the template library.
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