SirionLabs, a Seattle-based startup, has raised an additional $25 million in Series D funding from Brookfield Growth, bringing its total funding to $110 million.
Prior to this round, the startup had raised $85 million from Partners Group and other investors as part of its Series D round in May 2022.
The newly raised capital, according to the company, will be used to expand its leadership position in the rapidly growing enterprise CLM market. The Brookfield Growth investment will support product innovation, allowing Sirion to maintain its leadership position in CLM, according to a statement.
In addition, the company is rapidly expanding its R&D to global hubs to leverage talent in AI, user experience, data science, and design thinking.
“Sirion’s superpower is that it goes beyond traditional CLM’s operational efficiencies to monitor and manage performance against contract terms after the contract has been signed,” said Ajay Agrawal, Sirion’s founder and CEO. “Bringing complex objects to life, such as obligations, service levels, and pricing mechanisms, and using this to realise hard-dollar savings, is a more difficult path, but it 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. “As a Sirion customer across multiple business lines globally, Brookfield has seen this,” said Josh Raffaelli, Managing Partner at Brookfield Growth.
