Sequoia India-backed SirionLabs raises $44m in Series C round

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SirionLabs has raised $44 million in a Series C round led by Tiger Global and Avatar Growth Capital, the AI contract lifecycle management (CLM) software provider said Wednesday.

That brought the total the software as a service (SAAS) company has raised to $66 million, with previous fundraising rounds led by Sequoia Capital India, SirionLabs said in a press release.

The company said it planned to use the funding to expand in the CLM segment, adding it launched a new Seattle-based technology centre.

Zappix’s former CEO Amol Joshi was tapped as chief revenue officer, Anu Engineer as chief technology officer, Google-alum Mahesh Unnikrishnan as chief product officer and Vijay Khera – formerly head of client services at MarketsandMarkets — as chief customer officer, the company said.

SirionLabs’ CLM product includes the ability to write contracts, automate obligation extraction and do predictive invoicing, the statement said, adding this helps to reduce leakage from missed deliverables and other errors.

“Complex services represent a multi-trillion global market but contracting and governance continue to be cumbersome manual processes,” Vishal Bakshi, founder and managing partner at Avatar Growth Capital, said in the statement. “SirionLabs has spent several years in developing proprietary AI-enabled performance and invoice reconciliation capabilities to address these inefficiencies head-on.”

In 2016, SirionLabs raised a $12.25 million Series B round, led by Sequoia India, with participation from QualGro Asean Fund and Canopy Ventures. The series A round in 2014 raised $5 million from Sequoia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.