New funding: SirionLabs, a “contract lifecycle management” startup with its U.S. headquarters in the Seattle region, landed $85 million to boost growth.
The details: The 10-year-old company helps more than 250 customers such as Vodafone, Raiffeisen Bank, GTAA, and others track contract details with automation and AI technology. It is one of several “CLM” companies; fellow Seattle-area startup Icertis, valued at $5 billion in October, is a competitor, while others such as DocuSign and SAP Ariba also offer similar products. The market is expected to reach $3 billion by 2032.
The people: The company’s CEO and co-founder, Ajay Agrawal, is based in India, where SirionLabs launched originally. It hired three Seattle-area execs in 2020 — Anu Engineer, Mahesh Unnikrishnan, and Vijay Khera —after establishing a U.S. headquarters in Bellevue, Wash., but all three have since departed. SirionLabs employs about 600 people and expects to add another 200.
The investors: Partners Group led the Series D round, which included Avatar Capital, Sequoia Capital, and Tiger Global. Total funding to date is $157 million.