Can artificial intelligence help businesses keep their contractual promises and reduce invoice leakage in today’s subscription economy? Customers of SirionLabs, the AI-powered contract lifecycle management (CLM) platform, have done so. Having saved more than $2.2B for their customers, the company today announced it has raised a $44M Series C Round led by Tiger Global and Avatar Growth Capital. The round brings SirionLabs’ total capital raised to $66M to date, with earlier rounds led by Sequoia Capital India.
With this funding round, SirionLabs will continue to strengthen its leadership in the CLM category: with 4x customer growth in the past 18 months; doubling its revenue YOY for the past 3 years; being recognized as a Visionary in Gartner’s 2020 CLM Magic Quadrant and the top-ranked CLM in Spend Matters’ SolutionMap six times in a row. The company also announced the launch of its new Seattle-based Technology Center and the growth of its leadership team with the appointment of Amol Joshi as Chief Revenue Officer, Anu Engineer as Chief Technology Officer, Mahesh Unnikrishnan as Chief Product Officer and Vijay Khera as Chief Customer Officer.
Real-time contract enforcement is a game-changer
With the as-a-service economy growing beyond $30T in annual spend, analog CLM software’s ability to track against contracted outcomes has come under increased pressure. Traditional CLM solutions operate in antiquated silos and offer limited visibility beyond contract signature, forcing Fortune 500 companies to track performance manually. With operational data sitting in silos and invoice validation being mostly manual, enterprises have become accustomed to, or in many cases unaware of, 15-20% leakages, thanks to consumption and invoicing errors, missed deliverables, claims and disputes, which translate into a massive $2-3T lost per year.
SirionCLM’s pioneering approach goes well beyond analog CLM technology (contract authoring and storage) by enabling granular management of performance, invoices and relationships during the post-signature phase. Its key innovations include AI-led contract authoring, automated obligation extraction, real-time service level computation and predictive invoicing on a permissioned ledger architecture to promote true buyer-supplier collaboration and reduce leakage by 5-10%. 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.
Ajay Agrawal, Co-founder, Chairman and CEO of SirionLabs said:
“SirionCLM’s permissioned ledger architecture does away with analog 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 realizing the 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 revolutionize contracting.”
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 both 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.”
Kanti Prabha, Co-Founder & 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.”
Headquartered in Gurgaon, India, SirionLabs’ diverse team consists of 500+ employees working across 8 locations in India, the US, the UK, Canada, the Netherlands, Denmark and Singapore. While New Delhi and Seattle are SirionLabs’ centers for R&D and customer success operations, the sales and marketing team is distributed across its other offices.