Can artificial intelligence help businesses keep their contractual promises and reduce invoice leakage in today’s subscription economy? Customers of SirionLabs, the AI-powered contract lifecycle management (CLM) platform, have done so. Having saved more than $2.2B for their customers, the company announced it has raised a $44M Series C Round led by Tiger Global and Avatar Growth Capital. The round brings SirionLabs’ total capital raised to $66M to date, with earlier rounds led by Sequoia Capital India.
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“Pioneering a two-sided, international marketplace creates benefits for both enterprise clients and service providers, and with it the potential for SirionLabs to capture massive network effects as the platform continues to scale. It’s exciting to support Ajay and his team on this journey.”
With this funding round, SirionLabs will continue to strengthen its leadership in the CLM category: with 4x customer growth in the past 18 months; doubling its revenue YOY for the past 3 years; being recognized as a Visionary in Gartner’s 2020 CLM Magic Quadrant and the top-ranked CLM in Spend Matters’ SolutionMap six times in a row. The company also announced the launch of its new Seattle-based Technology Center and the growth of its leadership team with the appointment of Amol Joshi as Chief Revenue Officer, Anu Engineer as Chief Technology Officer, Mahesh Unnikrishnan as Chief Product Officer and Vijay Khera as Chief Customer Officer.
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Real-time contract enforcement is a game-changer
With the as-a-service economy growing beyond $30T in annual spend, analog CLM software’s ability to track against contracted outcomes has come under increased pressure. Traditional CLM solutions operate in antiquated silos and offer limited visibility beyond contract signature, forcing Fortune 500 companies to track performance manually. With operational data sitting in silos and invoice validation being mostly manual, enterprises have become accustomed to, or in many cases unaware of, 15-20% leakages, thanks to consumption and invoicing errors, missed deliverables, claims and disputes, which translate into a massive $2-3T lost per year.
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