1 min read.Updated: 14 Jun 2021, 11:08 AM ISTLivemint
Picus Capital, Arka Ventures and Digital Sparrow Capital also participated in the round, which will drive its efforts in engineering, AI research and marketing
SimpliContract, an artificial intelligence (AI) and software-as-as-service or SaaS-based contract lifecycle management (CLM) platform, has raised $1.8 million in a seed funding round led by Kalaari Capital.
Picus Capital, Arka Ventures and Digital Sparrow Capital also participated in the round, which will drive its efforts in engineering, AI research and marketing.
SimpliContract said it democratizes contract authoring and establishes post-signature contract management practices by leveraging AI and natural language processing (NLP). The product supports organizations across the contract lifecycle – from request to renewal – and enables collaboration for internal and external stakeholders such as vendors and customers.
The platform integrates with enterprise applications and provides actionable insights to users across procurement, sales, and legal functions. It helps enterprises shorten contract cycle time, reduce risks, enforce compliance, manage and fulfill obligations, and adapt easily to the ever-evolving regulatory environment.
Ravinder Singh, partner at Kalaari Capital, said, “90% of global enterprises and 50% of midsize organizations will have CLM solutions in place by 2023. The Global CLM market is expected to grow from $1.5B today to $5.2B by 2027. We believe that the AI-powered CLM platform of SimpliContract will drive and ride this growth."
SimpliContract was founded in early 2020 by Guru Venkatesan, Jinaraj PG and Makesh Kumar, who all had experience in building, selling, and deploying enterprise applications.
"SimpliContract has a unique vision to bring workflow automation, collaboration and intelligence into contract lifecycle management which results in clear efficiency gains and more informed decisions for their clients. In our view, the team brings together the right skillset to take on more established players in the CLM space," said Florian Reichert, Partner at Picus Capital.
"We are seeing significant interest and adoption in the market within a few months of launch. SimpliContract’s AI-driven platform supports over 4,000 enterprise users and manages 30,000+ contracts worth over $2 billion in value. Organizations are seeing value in user-centric interface, AI capabilities, and agile integrations, and we are committed to delivering on all these," said Guru Venkatesan, CEO of SimpliContract.
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