SirionLabs secures $110m in Series D for AI-powered CLM platform

SirionLabs, a Seattle-based artificial intelligence (AI)-powered contract lifecycle management (CLM) platform, has raised its Series D funding to $110 million with a $25 million investment from Brookfield Growth.

The fresh funding from Brookfield Growth follows the previously announced $85 million Series D round, which was led by Partners Group with participation from present investors Avatar Growth Capital, Tiger Global, and Sequoia Capital India.

The Brookfield Growth investment is expected to help SirionLabs to increase and strengthen its presence in the enterprise contract lifecycle management market.

SirionLabs expects to use the fresh investment for product innovation, including advances in AI capabilities and seamless integration with enterprise platforms such as SAP S/4HANA, Salesforce, and Microsoft 365.

Ajay Agrawal — SirionLabs founder and CEO, said: “Sirion’s superpower is that it goes beyond the operational efficiencies of traditional CLM to monitor and manage performance against the terms of the contract after the contract has been signed.

“Bringing to life complex objects like obligations, service levels and pricing mechanisms, and using this to realize hard-dollar savings, is a harder path but ultimately offers much broader business value for our customers.”

SirionLabs secures $110m in Series D for AI-powered CLM platform

SirionLabs is planning to leverage talent in AI, user experience, design thinking and data science through the expansion of the company’s research and development (R&D) to hubs across the world.

Josh Raffaelli — Brookfield Growth Managing Partner said: “We are disciplined in deploying capital with high-quality assets positioned to produce solid long-term returns for our investors.

“Sirion is solving a truly horizontal problem that impacts the bottom line, whether it’s identifying savings, closing deals faster or mitigating compliance risk.

“Brookfield has experienced this as a Sirion customer across multiple business lines globally.”

Brookfield Growth is also said to have deployed Sirion’s CLM software.

Founded in 2017, Brookfield Growth, formerly known as Brookfield Technology Partners, is the technology investment arm of Brookfield Asset Management.