SirionLabs Inc., which operates an eponymous software-as-a-service (SaaS) firm focussed on contract lifecycle management (CLM), has raised $44 million (approximately Rs 332.01 crore at current exchange rates) in its Series C funding round.
The company has raised this capital from the New York-headquartered Tiger Global Management and private equity firm Avatar Growth Capital, SirionLabs said in a statement.
The round takes the total funding raised by SirionLabs to $66 million, it added.
The US- and India-based firm said it will use the funds to enhance its technological infrastructure and strengthen its position in the larger CLM category.
The latest funding comes a year after it was first suggested that Tiger Global was looking to add SirionLabs to its portfolio. At the time, reports said that a potential deal was likely to value the SaaS startup between $30-$50 million.
Set up in 2012 by Ajay Agrawal and Kanti Prabha, SirionLabs says it uses the artificial intelligence-backed platform to help enterprises manage their contracting lifecycle on an end-to-end basis.
Agrawal said SirionLabs’ platform was helping in creating a level field for companies of all sizes to collaborate and realize their business outcomes.
“SirionLabs has spent several years in developing proprietary AI-enabled performance and invoices reconciliation capabilities to address these inefficiencies head-on,” Vishal Bakshi, founder and managing partner at Avatar Growth Capital, said.
Separately, SirionLabs announced that it has set up a technology centre in the US’ Seattle and has made several hires across senior positions. These include Amol Joshi as a chief revenue officer, Anu Engineer as chief technology officer, Mahesh Unnikrishnan as chief product officer and Vijay Khera as chief customer officer.
According to VCCEdge, the data research arm of Mosaic Digital, other investors in SirionLabs include Sequoia India, Qualgro Pte Ltd and Canopy Ventures.
In July 2016, the CLM-focussed SaaS firm raised $12.25 million (Rs 82 crore) in a Series B round led by Sequoia Capital India. QualGro ASEAN Fund and Canopy Ventures also invested as part of the round. Sequoia had, in 2014, invested $4.7 million in the company's Series A round as well.
Deals in the SaaS segment
The bet on SirionLabs is the latest on a software-as-a-service-based startup. Investors in the past couple of years have made a beeline for companies in the space, with firms using their stacks to address gaps within traditional ecosystems and introduce new products and services.
Earlier this week, VCCircle reported that sales automation startup Bizom had raised funding from a new and existing investor. Bizom is backed by SIDBI Venture Capital Ltd, a wholly owned arm of the Small Industries Development Bank of India.
Last month, the business travel-focused Itilite Technologies Pvt. Ltd raised $13 million (Rs 99.45 crore) in a Series B funding round led by new investor Greenoaks Capital and existing backer Dubai-based Vy Capital.
Also last month, Aavenir Software Pvt. Ltd, a source-to-pay solutions provider raised around Rs 15.22 crore in a seed funding round from Accel India. The startup offers contract lifecycle management and procurement management solutions.