New Delhi-based enterprise startup SirionLabs that uses AI to help its customers keep a track of their suppliers so they don’t lose any potential clients, said Wednesday it has raised USD 44 million in Series C round of funding led by Tiger Global and Avatar Growth Capital.
This round brings its total fundraise to USD 66 million to date. It had earlier raised USD 12.25 million in its Series B round in 2016 led by Sequoia India with participation from QualGro ASEAN Fund and Canopy Ventures.
“With this latest round of funding, we look forward to fast-tracking the execution of our product roadmap and making deep investments in further developing our engineering workforce, Kanti Prabha, co-founder and chief operating officer, SirionLabs, said in a statement.
The eight-year-old company started by Ajay Agarwal and Prabha offers an artificial intelligence-based platform called contract lifecycle management (CLM). CLM is a standard industry tool used by companies to track billing, contract signing, and renewal of their subscription-based products which they offer to their customers.
SirionLabs claimed its AI-backed CLM platform works better than traditionally used analog tools. The company said its CLM platform ensures its clients are able to track each and every subscription that needs to be charged and helps them generate auto-invoices as well as identify the partners who need to renew their subscription. It claimed it has saved USD 2.2 billion for their customers.
The company said it will use the funding to enhance its leadership in the CLM category. It claimed its customer base grew by 4x in the past 18 months and its revenue doubled year-on-year for the past 3 years.
“Complex services represent a multi-trillion global market but contracting and governance continue to be cumbersome manual processes. SirionLabs has spent several years in developing proprietary AI-enabled performance and invoice reconciliation capabilities to address these inefficiencies head-on,” said Vishal Bakshi, founder and managing partner at Avatar Growth Capital.
The company also announced the launch of its new Seattle-based technology center and the growth of its leadership team. SirionLabs’ over 500 employees work out of its eight locations in India, the US, the UK, Canada, the Netherlands, Denmark, and Singapore.
Earlier this year in January, Tiger Global raised a new fund of USD 3.8 billion which is meant to back startups in the US, China, and India.