SirionLabs secured $44 million in Series C Funding Round from Tiger Global

SirionLabs, a Seattle, based Artificial Intelligence-powered contract lifecycle management (CLM) platform, has now secured $44 million in the Series C funding round.

SirionLabs is founded by the Ajay Agarwal in the year 2012. It is a provider of SaaS enterprise contract management platform for enterprises to manage the complete contracting lifecycle.

Some of the key innovations include the automated obligation extraction, AI-powered contract authoring, predictive invoicing on a ledger architecture, and real-time service-level computation.

Executive Opinion

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 create 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."

SirionLabs's Latest Funding

The round, which brought the total funding secured to date to $66 million, was backed by the Avatar Global Capital and Tiger Global.

The company, as of now, has plans to use the new funds to strengthen its leadership in the contract lifecycle management segment, notes the announcement.