SirionLabs ramps up its investment in CLM with US$85mn

Global software company, SirionLabs has secured US$85mn in its Series D funding to ramp up its investment in enterprise contract lifecycle management

SirionLabs, a global leader in AI-powered contract lifecycle management (CLM) has successfully completed its Series D funding round led by Partners Group.

Securing US$85mn, SirionLabs has raised its total funding to US$175mn since its founding in 2012 by Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais.

With the enterprise contract lifecycle management (CLM) market value expected to reach US$3.3bn by 2027, SirionLabs plans to use its latest funding to expand its leadership position in the industry.

“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. 

Agrawal added: “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.”

Scaling its operations

With its latest funding of US$85mn, SirionLabs will scale its operations, adding up to 200 employees to its global workforce. 

The software company plans to place a key emphasis on product innovation when it comes to AI and user experience to attract new customers, as well as dedicating efforts to better serving its current customer base of over 250 companies.

“We are delighted to lead this fundraising round for SirionLabs and have strong conviction in the company’s future growth potential,” said Cyrus Driver, Managing Director, Private Equity, Technology at Partners Group, who will join the SirionLabs board of directors. 

Driver added: “The addressable market for CLM is expanding rapidly as more organisations undertake digital transformation initiatives. We were attracted by SirionLabs’ leadership in this category, superior product offering, and blue-chip client base, and look forward to working with management on increasing scale-up capacity.”

SirionLabs’ core capabilities

Founded in 2012, SirionLabs is a recognised market leader in CLM. Its AI-driven CLM platform facilitates legacy contract migration and delivers standardised contracting playbook, template and clause libraries to reduce the time to generate drafts by up to 90%.

SirionLabs will use its investment to continue the delivery of its core capabilities:

  • Reducing time-to-contract for sales teams
  • Minimising risk and contract review time for legal teams
  • Providing finance professionals with visibility into expenses and revenues
  • Supporting procurement professionals with negotiations and curtailing costs
  • Increasing the efficiency of supplier management
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