Icertis, a contract management platform, has raised $115m in its Series E round which has valued the company at over one billion dollars.
Greycroft and Premji Invest co-led the round, while previous backers including B Capital Group, Cross Creek, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth also contributed to the round.
The company leverages AI technology to improve the contract management process, transforming documents into digital assets which can be used to improve compliance, boost business velocity, and optimise commercial relationships over the course of the contract lifecycle.
Its contract management services are used by financial services, healthcare, manufacturing, and pharmaceutical companies. Financial services leverage the contract management technology to ease the onboarding and KYC procedures for new vendors, channels and customers.
Additionally, the technology can analyse high volumes of transactions across parameters such as asset class, counterparty, risk, credit scores and more, to improve capital allocation. Clients also receive support for compliance with ESMA, FINRA and ISDA requirements, and risk departments can gain increased control on variations in credit and risk thresholds.
Capital from the round will be used to boost the development of its platform, further integrate AI and advanced cognitive services into the platform, scale its sales and marketing efforts, and fund strategic acquisitions.
Additionally, the company hopes to bolster its blockchain framework to create improved supply chain transparency, certification compliance, and outcome-based pricing.
The company has achieved a 125 per cent compound annual growth rate over the past four years, and opened office in the UK, France, Singapore, Australia and Bulgaria in the last 18 months.
Icertis CEO and co-founder Samir Bodas said, “Companies must re-imagine every business process to compete in today’s hyper-competitive global markets.
“Nothing is more foundational than contract management as every dollar in and every dollar out of a company is governed by a contract. As the CLM market takes off, we are thrilled to have Premji Invest join the Icertis family, Greycroft double down by co-leading this round, and all investors re-up their commitment as we execute on our mission to become the contract management platform of the world.”