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.