SaaS firm SirionLabs snags $85 mn in Series D Funding

Contract Lifecycle Management (CLM), a way of managing contracts from start to finish, including award, compliance, and renewal, can be costly to businesses. According to World Commerce and Contracting, the average cost of a simple contract is $ 6,900, with more complex contracts costing roughly $ 49,000.

Many entrepreneurs, including United Lex co-founder Ajay Agrawal, have been driven to the industry by the exciting idea of automating the contract process. Sirion Labs is Agrawal’s most recent startup, and it uses AI technologies like natural language processing to import and arrange contracts, negotiations, and contract reviews.

During the post-signature phase, SirionLabs employs legal documents and algorithms trained on “industry data” to acquire insights regarding contract fulfilment, invoicing, and relationships. (The corporation has declined to share specific information about the training data, and the algorithm’s accuracy has not been independently verified.) The template library is available for you to choose from and use.

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