SirionLabs secures US$ 85M to accelerate growth in the Enterprise Contract Lifecycle Management Market
SirionLabs, a firm in artificial intelligence (AI)-powered contract lifecycle management (CLM), has announced a fresh round of US$ 85 million in Series D funding led by Partners Group, a 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 US$ 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 US$ 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, 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,” adds Agrawal.
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.
“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, Partners Group, who will join the SirionLabs board of directors.
“The addressable market for CLM is expanding rapidly as more organizations 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,” Driver.