Artificial intelligence-focused tech startup SirionLabs has raised $25 million (Rs 206.8 crore) as part of its extended Series D funding round from PE firm Brookfield Growth.
Including the above mentioned round, the Seattle-based contract management firm has closed its Series D round at $110 million after snagging $85 million from Partners Group and existing investors Sequoia India and Tiger Global in May 2022.
VCCircle, in December, had reported that Brookfield Asset Management Inc. is in talks to lead a $75 million bridge funding round in SirionLabs, pegging the valuation at $650 million. According to people familiar with the matter, the startup is also looking to raise a larger round (Series E) some time in 2023.
According to a statement, the company aims to consolidate its position in the growing enterprise CLM market through the Series D round.
“Sirion is solving a horizontal problem that impacts the bottomline, whether it’s identifying savings, closing deals faster or mitigating compliance risk,” said Josh Raffaelli, managing partner at Brookfield Growth while commenting about the fundraise.
The Brookfield Growth investment will allow Sirion to build its AI capabilities and work on integrating with enterprise platforms such as SAP S/4HANA, Salesforce, and Microsoft 365, the statement noted.
Founded in 2012 by Ajay Agrawal, Kanti Prabha, Aditya Gupta, and Claude Marais, SirionLabs provides artificial intelligence (AI)-powered CLM services. The company has raised $182 million cumulatively so far.
The company claims to manage more than 5 million contracts worth more than $450 billion for its 250 clients across geographies. It has offices in the US, UK, Germany, Australia, France, India and Singapore.
Notably, the tech and software-as-a-service (SaaS) space in India has seen significant traction in the second half of CY22, with the maximum amount of $20 million+ deals happening in this sector.
In November 2022, software consulting startup Celebal Technologies raised $32 million (about Rs 261 crore) from Norwest Venture Partners, which was bootstrapped before this fundraise.
During the same period, business-to-business (B2B) SaaS startup Prismforce raised $13.6 million (about ₹111 crore) in a Series A round led by Sequoia Capital India and Lentra, a lending-based SaaS startup also raised $60 million in its Series B funding round, led by Bessemer Venture Partners (BVP) and Susquehanna International Group (SIG).
As for the latest investor in SirionLabs, Brookfield Growth is the technology investment arm of Brookfield Asset Management which was founded in 2017 and primarily invests in technology companies. It had raised more than $500 million in total investor commitments and the Sirion Labs investment is the first investment that is being led by Brookfield Growth. In February 2022, Brookfield Growth was part of the $35 million Series B funding round of SaaS startup Facilio.
Its parent Brookfield Asset Management has more than $750 billion in assets under management (AUM) across real estate, infrastructure, renewable power, private equity, and credit and counts itself among one of the largest private equity groups across the globe.