SirionLabs, the global leader in artificial intelligence (AI)-powered contract lifecycle management (CLM), today announced that its Series D funding has reached $110 million as a result of an investment by Brookfield Growth. The previously announced round was led by Partners Group with participation from existing investors Sequoia India and Tiger Global. The fresh capital will enable the company to expand its leadership position in the rapidly growing enterprise CLM market.
“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,” said Ajay Agrawal, founder and CEO of Sirion. “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.”
The Brookfield Growth investment will support product innovation that will allow Sirion to reinforce its position at the forefront of CLM, including advances in AI capabilities and seamless integration with enterprise platforms such as SAP S/4HANA®, Salesforce and Microsoft 365. Sirion is rapidly expanding its R&D to hubs across the globe to leverage talent in AI, user experience, data science and design thinking.
“We are disciplined in deploying capital with high-quality assets positioned to produce solid long-term returns for our investors” said Josh Raffaelli, Managing Partner at Brookfield Growth. “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”.
Recognized by Gartner as a leader in the 2022 Magic Quadrant for Contract Life Cycle Management, Sirion was ranked first in three of five use cases—including for full lifecycle enterprise CLM—in the 2022 Gartner® Critical Capabilities for Contract Life Cycle Management. Sirion was also named a leader in the 2021 Forrester Wave and the 2021 IDC MarketScape reports for CLM.
Brookfield’s deployment of Sirion’s CLM software and subsequent investment underscores the value of CLM. This includes accelerated top-line growth through faster closes, lower costs through disciplined negotiations, stronger supplier management, and reduced operational and regulatory risk with mandatory compliance.
