SirionLabs, which offers an AI-powered contract lifecycle management (CLM) platform, has closed its Series D funding round on $110m.
The capital was supplied by Brookfield Growth, Sequoia India and Tiger Global.
With the capital, the company will expand its leadership position in the market, as well as bolster its product innovation. As part of the development, SirionLabs plans to bolster its AI capabilities and integrations with enterprise platforms, including SAP S/4HANA®, Salesforce and Microsoft 365.
The FinTech company is currently expanding its R&D to hubs around the world to leverage local talent in AI, user experience, data science and design thinking.
SirionLabs is a smart contracting platform that helps companies create, manage and measure contracts. It claims to offer complete contract visibility by leveraging AI-powered extraction of legacy contract data, modern search tools and advanced analytics.
Financial services can leverage SirionLabs to simplify client and supplier onboarding, minimise risk, and standardise contracting practices.
Through the technology, the company can create compliant contracts, digitise and extract intelligence from existing agreements, enhance collaboration across functional silos and use insights to standardise financial contracting and minimise risk.
Its technology is used by financial services, healthcare, public sector, transportation, telecoms, energy sectors and more. Some of its notable clients are Allianz, Morgan Stanley, Raiffeisen Bank, Hanover Insurance Group and AIA.
Speaking on the deal, Sirion founder and CEO Ajay Agrawal said, “Sirion’s superpower is that it goes beyond the operational efficiencies of traditional CLM to monitor and manage performance against the terms of the contract after the contract has been signed.
“Bringing to life complex objects like obligations, service levels and pricing mechanisms, and using this to realise hard-dollar savings, is a harder path but ultimately offers much broader business value for our customers.”
Last year, digital asset infrastructure firm Copper.co teamed up with Fenergo to implement its client lifecycle management and AML solution.
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