Bellevue-based contract intelligence company Icertis announced Thursday that it raised $80 million in a Series F led by B Capital Group. The latest round pushes the unicorn’s valuation to $2.8 billion.
Icertis has witnessed dramatic growth during the pandemic as companies everywhere have rushed to fully digitize their day-to-day business practices. Icertis’ valuation has nearly tripled since its Series E in July of 2019.
“It is immensely satisfying to have led the transformation of contract lifecycle management (CLM) from a ‘nice-to-have’ to a ‘critical-to-have’ software category,” Samir Bodas, co-founder and CEO of Icertis, said in a statement.
The Icertis platform aims to completely digitize the contracting process. The platform does this by extracting both structured and unstructured data found in contracts and connecting said data to operational surround systems.
Icertis helps clients manage their contracts throughout the entire lifecycle from RFPs and creating a centralized repository, to contract management and storage. The company uses its AI to maintain compliance with the local norms of the country in which the contract is being written.
Following the latest investment, the company will look to accelerate its AI and blockchain development, expand its sales and marketing footprint and solidify new partnerships.
The contract intelligence platform will also hire for its finance, marketing and sales teams as its global expansion plans roll into motion. Icertis plans to bring its tech to Japan, Southeast Asia and Europe.
Icertis also announced the addition of two new members to its board of directors. Penny Pritzker, founder and chairman of PSP Partners and former secretary of commerce during the Obama administration, as well as Karyn Smith, general counsel at Twilio, are joining the board.
“As a lawyer and corporate leader, I’ve had the opportunity to help guide many companies through rapid growth and global expansion while managing risk and compliance. I know first-hand how digitally transforming contracting can benefit companies,” Smith said in a statement.
Icertis has raised $291 million in venture capital financing to date, according to Crunchbase.
Additional investors Greycroft, Meritech Capital Partners, Premji Invest and PSP Growth participated in the round, among others.