SirionLabs wants to automate enterprises’ whereases and heretofores. The Seattle company aims to replace the humans who translate contractual legalese with robots.
To that end, the company announced on Wednesday that it raised $44 million in Series C funding for its automated contract management services. The company uses AI to write contracts, a blockchain-like solution to verify them and natural language processing to review official promises made. By organizing the products, payments and penalties outlined in contracts, SirionLabs said it has saved more than $2.2 billion for its enterprise customers over the years, which include Vodafone, Unilever, Credit Suisse and more.
CEO Ajay Agrawal said the cash infusion will help SirionLabs handle a recent surge in demand. Over the past 18 months, the company said it has seen a fourfold increase in its number of clients. Every year, for the past three years, the company said it has doubled its revenue.
“[SirionLabs] creates a level playing field that gives all companies, whether buyers or sellers, an opportunity to collaborate and leverage a single source of truth in realizing the business outcomes embedded in contracts,” Agrawal said in a statement.
The funding will be used to establish an AI laboratory in Seattle, expand the company’s customer success team and grow its global sales and strategic partnerships ecosystem. SirionLabs was unable to provide more information on whether the funding would fuel a local hiring spree. The company has 43 open positions in the United States listed on its website, primarily sales and account executive roles in locations across the country.
Founded in India in 2012, the business has now raised $66 million. Tiger Global and Avatar Growth Capital led this funding round.
