Sirionlabs Lands $85M To Inject Contract Management With Automation
05/10/22, 1:00 PM
Money raised
$85 million
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.
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(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.