Gurugram-based SirionLabs raises Rs 331 crore in Series C funding

Source :IANS
Author :IANS
Last Updated: Thu, May 14th, 2020, 08:57:47hrs
SirionLabs

New Delhi: Gurugram-headquartered Artificial Intelligence (AI)-powered contract lifecycle management (CLM) platform SirionLabs on Wednesday said it raised a $44 million (approximately Rs 331 crore) Series C round of funding led by Tiger Global and Avatar Growth Capital.

The funding round brings SirionLabs' total capital raised to $66 million to date, with earlier rounds led by Sequoia Capital India.

SirionLabs said the latest funding round will help it in consolidating its leadership in the CLM category.

The company also announced the launch of its new Seattle-based Technology Center and the growth of its leadership team with the appointment of Amol Joshi as Chief Revenue Officer, Anu Engineer as Chief Technology Officer, Mahesh Unnikrishnan as Chief Product Officer and Vijay Khera as Chief Customer Officer.

"SirionCLM's permissioned ledger architecture does away with analog contracting processes which are adversarial in nature and instead creates a level playing field that gives all companies, whether buyers or sellers, an opportunity to collaborate and leverage a single-source of truth in realising the business outcomes embedded in contracts," Ajay Agrawal, Co-founder, Chairman and CEO of SirionLabs said.

"I am delighted to welcome Tiger Global and Avatar Growth Capital as our latest investors. It is a strong vote of confidence in our vision to revolutionise contracting," Agrawal said.

The Sirion Network hosts contracts in over 40 languages for more than 200 of the world's largest companies including Vodafone, Unilever, BP, EY, Fujitsu, Credit Suisse and Abbvie.

SirionLabs' diverse team consists of more than 500 employees working across 8 locations in India, the US, the UK, Canada, the Netherlands, Denmark and Singapore.

While New Delhi and Seattle are SirionLabs' centers for R&D and customer success operations, the sales and marketing team is distributed across its other offices.