SirionLabs, an artificial intelligence-focused tech startup, has raised $25 million (Rs 206.8 crore) from private equity firm Brookfield Growth as part of its extended Series D funding round.
Including the previously mentioned round, the Seattle-based contract management firm closed its Series D round at $110 million in May 2022, after securing $85 million from Partners Group and existing investors Sequoia India and Tiger Global.
Sirionlabs reported in December that Brookfield Asset Management Inc. is in discussions to lead a $75 million bridge funding round in SirionLabs, valuing the company at $650 million. According to sources close to the situation, the startup is also planning to raise a larger round (Series E) in 2023.
The company intends to use the Series D round to strengthen its position in the expanding enterprise CLM market, according to a statement.
According to the statement, the Brookfield Growth investment will allow Sirion to expand its AI capabilities and work on integrating with enterprise platforms such as SAP S/4HANA, Salesforce, and Microsoft 365.
SirionLabs, founded in 2012 by Ajay Agrawal, Kanti Prabha, Aditya Gupta, and Claude Marais, provides AI-powered CLM services. So far, the company has raised a total of $182 million.
The company claims to manage over 5 million contracts worth over $450 billion for its 250 global clients. It has offices in the United States, the United Kingdom, Germany, Australia, France, India, and Singapore.
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