Science & Technology

SirionLabs lands $85M to boost software that helps companies manage contracts

New funding: SirionLabs, a “contract lifecycle management” startup with its U.S. headquarters within the Seattle area, landed $85 million to spice up development.

The small print: The ten-year-old firm helps greater than 250 prospects similar to Vodafone, Raiffeisen Financial institution, GTAA, and others observe contract particulars with automation and AI expertise. It’s one in every of a number of “CLM” firms; fellow Seattle-area startup Icertis, valued at $5 billion in October, is a competitor, whereas others similar to DocuSign and SAP Ariba additionally supply comparable merchandise. The market is anticipated to achieve $3 billion by 2032.

The individuals: The corporate’s CEO and co-founder, Ajay Agrawal, is predicated in India, the place SirionLabs launched initially. It employed three Seattle-area execs in 2020 — Anu Engineer, Mahesh Unnikrishnan, and Vijay Khera —after establishing a U.S. headquarters in Bellevue, Wash., however all three have since departed. SirionLabs employs about 600 individuals and expects so as to add one other 200.

The buyers: Companions Group led the Collection D spherical, which included Avatar Capital, Sequoia Capital, and Tiger International. Whole funding up to now is $157 million.

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