Our lives are a lot about just uncovering the best version of everything. This helps us immensely in regards to scaling up our experience over time. However, the whole thing, as we know, is much easier said than done, hence to make it a little more guided, we would discover certain avenues along the way. With each one given a unique framework, all these avenues will end up touching upon a different aspect, but there was also one that covered them all. Yes, we are talking about technology. When technology arrived on the scene, it broke a mold, and by doing so, the creation introduced an entirely new dimension to our lives. Now, while it wasn’t a surprise for technology to bring some notable by-products, it was a surprise once these by-products started to rebuild our identity from the ground. In fact, even after they are done with it, the creation would continue to improve us under one capacity or the other, and a recent funding does a lot to keep that trend alive.
SirionLabs, which operates an eponymous software-as-a-service (SaaS) firm focused on contract lifecycle management (CLM), has successfully secured over $85 million in Series D financing. Led by Partners Group, the round saw further participation coming from the likes of Avatar Capital, Sequoia Capital, and Tiger Global. According to certain reports, SirionLabs plans on using the newly-raised cash to bolster the overall product development. Apart from it, the company will also invest some funds in growing its workforce to support an ambition of exploring new markets. If we dig a little deeper into these goals, we’ll learn how the product development initiatives are mostly going to focus on AI adaptation and enhancing the user experience (UX). As for the workforce, SirionLabs hopes to hire around 200 employees over the next 12 months or so.
“The two biggest challenges in CLM are aligning post-award performance with contract terms and automating the import of legacy documents using AI. The SirionOne platform has a compelling technology advantage in both of these areas. This capital allows us to seize the moment, accelerate product innovation and bring our award-winning solution to an increasing number of enterprise customers,” said Ajay Agrawal, co-founder and CEO of SirionLabs.
Talk about the company’s day-to-day operations, SirionLabs is best-known for leveraging algorithms trained on legal documents and “industry data” to deliver visibility into contract performance, invoices and relationships during the contract post-signature phase. It also provides services like AI-driven clause selection. Beyond that, the customers can even process their third-party drafts into the platform to have it look for missing clauses, insertions, deletions and modifications during multiple contract negotiation rounds. From an overall standpoint, SirionLabs’ risk score-based approach combined with its ingenious insights really go the distance in encouraging legal tech growth across the board.