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Sirionlabs Lands $85M To Inject Contract Management With Automation

May 10, 2022•over 3 years ago

Amount Raised

$85 Million

Description

Contract lifecycle management (CLM), the method of managing a contract from initiation through award, compliance, and renewal, can be costly for companies. World Commerce and Contracting estimates the average cost of a simple contract at $6,900, rising to over $49,000 for more complex agreements. The opportunity is often worth the investment, but without close contract governance, businesses stand to lose up to 40% of a contract’s value, a KPMG survey found.

Company Information

Company

Sirion Labs

About

(The company declined to provide more information about the training data and the algorithms haven’t been benchmarked for accuracy by a third party, it’s worth noting.) Beyond this, the platform surfaces insights intended to give an edge during negotiations based on past contracting data. But while he didn’t disclose revenue or reveal whether SirionLabs is currently profitable, Agrawal claimed that the company is gaining traction, with more than 250 customers including Qantas, Credit Suisse, and Vodafone.“ We founded SirionLabs — an enterprise SaaS platform — along with our co-founders [and UnitedLex colleagues] Kanti Prabha and Aditya Gupta.” SirionLabs also provides “draft risk scores” and suggestions for improving clause selection. “We have strong conviction in SirionLabs’ growth potential, so we wanted to be involved as a key investor to continue the company’s momentum in this key industry.”SirionLabs has around 600 employees and plans to hire around 200 in 2022, Agrawal said. Agrawal’s newest venture is SirionLabs, which comines AI technologies like natural language processing to import and organize contracts, negotiations, and contract review.

Company News

(10 articles)

Tue, 08 Nov 2022 08:00:00 GMT

AI-Powered Contract Automation Firm Zendoc Joins the SirionLabs CLM Family - Business Wire

Thu, 05 Jan 2023 08:00:00 GMT

SirionLabs announces its funding milestone of $110M, will continue to grow its CLM platform and reach - KMWorld

Tue, 10 May 2022 07:00:00 GMT

SirionLabs lands $85M to boost software that helps companies manage contracts - GeekWire

Thu, 17 Jun 2021 07:00:00 GMT

SAP Ariba vs SirionLabs: Contract lifecycle management head-to-head technology evaluation and comparison - Spend Matters

Mon, 22 Nov 2021 08:00:00 GMT

Meet the company: SirionLabs, AI-powered CLM solutions - Procurement Magazine

Wed, 04 Jan 2023 08:00:00 GMT

CLM provider SirionLabs scores $110m in its Series D - FinTech Global

Thu, 06 Jun 2024 07:00:00 GMT

Sirion, now valued around $1B, acquires Eigen as consolidation comes to enterprise AI tooling - TechCrunch

Thu, 23 Jul 2020 07:00:00 GMT

An exclusive look at the pitch deck that Sequoia-backed AI startup SirionLabs used to raise its $44m Series C - Business Insider

Tue, 18 Oct 2022 07:00:00 GMT

SirionLabs makes it into Gartner’s CLM leader quadrant as five new vendors enter the table –the risers and fallers - Legal IT Insider

Tue, 03 Jan 2023 08:00:00 GMT

SirionLabs Boosts Series D Round to $110M with Investment from Brookfield Growth - Business Wire

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