AI-powered contract lifecycle management (CLM) platform provider SirionLabs announced a fresh round of $85 million in Series D funding led by Partners Group acting on behalf of its clients, with participation from existing investors Avatar Growth Capital, Sequoia Capital India and Tiger Global. This brings the total raised by SirionLabs to $157 million – a significant milestone for the company as it more than doubles the company’s capitalization. The investment will enable SirionLabs to continue expanding its position in the rapidly growing enterprise CLM market, which is projected to reach $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 of 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.”
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) to attract new customers while also better serving the SirionLabs current customer base.
“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. “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.”
Recognized as a leader in the 2021 Forrester Wave for Contract Lifecycle Management and the 2021 IDC MarketScape for CLM, SirionLabs’ AI-led CLM platform facilitates legacy contract migration and delivers standardized contracting playbook, template and clause libraries to reduce draft generation time by up to 90%, according to the company.
The new investment from Partners Group enables SirionLabs to deliver on its core capabilities for contracting professionals across a range of industries. These include reducing time-to-contract for sales teams, minimizing risk and contract review time for legal teams, providing finance professionals with visibility into expenses and revenues, and supporting procurement professionals with negotiations, curtailing costs and increasing the efficiency of supplier management.