Seattle-based startup on Tuesday said it raised additional $25 million in Series D funding from Brookfield Growth, taking the total raised to $110 million.
The company raised $85 million in Series D funding led by Partners Group during May last year. This round had participation from existing investors Sequoia India and Tiger Global.
This fundraise capital will enable the company to expand its leadership position in the rapidly growing enterprise CLM market. The Brookfield Growth investment will support product innovation that will allow Sirion to reinforce its position at the forefront of CLM, it said in a statement. It also said that it is rapidly expanding its R&D to hubs across the globe to leverage talent in AI, user experience, data science and design thinking.
“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,” he added.
“Sirion is solving a 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,” said Josh Raffaelli, Managing Partner at Brookfield Growth.
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