SaaS Startup SirionLabs Raises $25 Mn To Consolidate Market Position

Contract lifecycle management SaaS startup SirionLabs has raised $25 Mn from Brookfield Growth as part of its extended Series D funding round.

The startup has raised $110 Mn in total in its Series D, which has seen the participation of Sequoia India, Tiger Global and Partners Group. In May 2022, SirionLabs raised $85 Mn during the first part of its Series D round. SirionLabs has raised $182 Mn in funding across multiple funding rounds so far.

The Seattle and Gurugram-based startup is looking to consolidate its position in the enterprise contract lifecycle management (CLM) market with the incoming funding.

The Brookfield Growth investment will allow SirionLabs to develop its AI capabilities and introduce integration with enterprise platforms such as SAP S/4HANA, Salesforce and Microsoft 365.

“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,” said Ajay Agrawal, founder and CEO of Sirion.

“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,” he added.

SirionLabs is currently expanding its R&D to hubs across the globe to leverage talent in AI, user experience, data science and design thinking.

Josh Raffaelli, managing partner at Brookfield Growth, said, “Sirion is solving a truly horizontal problem that impacts the bottom line, whether it’s identifying savings, closing deals faster or mitigating compliance risk. Brookfield has experienced this as a Sirion customer across multiple business lines globally.”

Founded in 2012 by Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais, SirionLabs offers a smart contract management service for authoring, extraction, obligation management and collaboration.

SirionLabs’ AI-powered offerings enable legal and contract management teams to exercise control over the lifecycle of a contract from authoring to active in-life management and from renewals to termination of contracts. The startup has more than 250 customers including Qantas, Credit Suisse and Vodafone.

SirionLabs also uses natural language processing and AI to track contract details, edit and include clauses in documents and provide suggestions on how to improve a contract based on existing legal data.

The CLM market is expected to reach $3.3 Bn by 2027, according to a report. SirionLabs has several competitors, including Saas unicorn Icertis, which raised $150 Mn in October 2022.