When it comes to building a successful business venture, taking care of one’s customer base is a top priority. One way companies can do so is through contract lifecycle management, which is the process of tracking a customer’s journey to help better understand their needs.
Staying on top of contracts is essential to efficiently managing a company. As business operations have grown more complex in our increasingly digital world, the global market for enterprise CLM software is projected to reach a value of $3.7 billion by 2028, as found by IMARC.
Looking to expand its presence within this growing space, SirionLabs added a new injection of capital to its previously announced Series D round. Back in May, the company pulled in $85 million led by Partners Group. The recently announced addition from Brookfield Growth caps out the round at $110 million. To date, SirionLabs’ total funding reaches $182 million.
SirionLabs operates an artificial intelligence-powered CLM solution. It provides more than 250 businesses across industries such as healthcare, telecommunication and transportation with tools for contract setup and analytics, negotiation, reporting and more. Its goal is to help clients author stronger contracts, improve risk management and strengthen their counterparty relationships.
“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,” Ajay Agrawal, founder and CEO of SirionLabs, said in a statement. “Bringing to life complex objects like obligations, service levels and pricing mechanisms and using this to realize hard-dollar savings is a harder path but ultimately offers much broader business value for our customers.”
SirionLabs plans to invest the entirety of its Series D round in furthering its presence within the growing market for enterprise CLM software. The capital will fuel advances in the company’s AI capabilities as well as new integrations with enterprise solutions such as Salesforce and Microsoft 365.
In addition to new software developments, SirionLabs plans to expand its research and development efforts into hubs across the globe. As it searches for talent in AI, UX, data science and design thinking, the company is currently hiring for a handful of U.S.-based positions.
