Contract lifecycle management startup SirionLabs raised an additional $25 million as part of its Series D funding, pushing total funding in the round to $110 million.
The Seattle startup has more than 250 customers including Qantas, Credit Suisse and Vodafone. It uses natural language processing and AI to track contract details, score clauses in the documents, and provide suggestions based on existing legal data about how to improve the contract.
The contract lifecycle management market (CLM) is expected to reach $3 billion by 2032. SirionLabs has several competitors, including Seattle-area Icertis, which raised $150 million in October, as well as DocuSign, Ironclad and Conga.
The latest funding for SirionLabs comes from the private equity firm Brookfield Growth. The company will use the fresh cash to invest in product innovation, advancing its AI capabilities and ability to integrate with enterprise platforms such as SAP, Salesforce and Microsoft 365.
The company’s CEO and co-founder Ajay Agrawal is based in India, where SirionLabs launched originally. It hired three Seattle-area execs in 2020 — Anu Engineer, Mahesh Unnikrishnan, and Vijay Khera — after establishing a U.S. headquarters in Bellevue, Wash., but all three have since departed. SirionLabs currently employees about 920 employees, according to LinkedIn.
Sirion raised $85 million from Partners Group in May 2022, with participation from existing investors Sequoia India and Tiger Global, as part of the Series D round. The company has raised a total of $182 million since launching in 2012.