The US-based software-as-a-service (SaaS) startup, SirionLabs, has bagged $44 million in its Series C round led by the US-based VC firms, Avatar Growth Capital and Tiger Global. The startup will utilize the freshly raised capital in fueling its technological innovation and boosting its sales by opening an AI-powered laboratory in Washington.
With this fresh capital, the startup is estimated its valuation at nearly $250 million and raised about $66 million in total funding to date. Along with the raised funds, the startup has also announced that it has launched its new technology center based in Seattle and appointed Anu Engineer, Amol Joshi, Mahesh Unnikrishnan, and Vijay Khera to its C-suit for Seattle technology center.
In 2012, Ajay Agrawal, Aditya Gupta, Kanti Prabha, and Claude Marais founded SirionLabs, as an AI-enabled SaaS platform to help several enterprises to organize the entire contracting lifecycle on a single easily accessible platform. Vodafone, EY, BP, Unilever, Qantas, Abbvie, Credit Suisse, and many more are among its prominent customers that take help in tracking contract details and reducing an ‘invoice leakage’ with SirionLabs’ automation technology. The startup is engaged with more than 100 countries and manages 3.5 million contracts. In the past 1.5 years, the startup has seen a four-fold customer growth.
On this occasion, SirionLabs’ co-founder Ajay Agrawal said, he is thrilled to invite Avatar Growth Capital and Tiger Global to its platform. SirionLabs’ CLM legal registered architecture does every essential thing with the help of analog contracting processes, which are adversary in nature. Besides, the startup’s AI and natural language processing helps in connecting the dots between contracts and the post-process after the contract has been signed.
Ajay added, for us, it’s not only creating a contract, but it also realizes the promises that we have carved in those contracts. We also audit suppliers invoice that has enabled our customers to save an immense amount of money.
Currently, SirionLabs claims that it has 500+ employees across the market in the US, the UK, the Netherlands, India, Canada, Singapore, and Denmark. The startup has headquartered its R&D centers in Seattle, as well as New Delhi.
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