SaaS-based contract lifecycle management platform, SimpliContract, has raised $1.8 million in a seed funding round led by Kalaari Capital, with participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital.
Bengaluru and Boston based startup plans to use the funds raised to drive its efforts in engineering, artificial intelligence (AI) research, and marketing. Started in early 2020 by Guru Venkatesan, Jinaraj PG, and Makesh Kumar, SimpliContract covers the entire contract lifecycle—from request to renewal— for businesses enabling collaboration across internal and external stakeholders such as vendors and customers.
It allows contract authoring and establishes post-signature contract management practices by leveraging AI and natural language processing (NLP), thereby helping enterprises shorten contract cycles, reduce risks, enforce compliance, manage and fulfil obligations.
Guru Venkatesan, SimpliContract’s chief executive expressed "SimpliContract’s AI-driven platform supports over 4,000 enterprise users and manages more than 30,000 contracts worth over $2 billion in value,".
The platform integrates with enterprise applications and provides actionable insights to users across procurement, sales, and legal functions, it said in a statement. “90 percent of global enterprises and 50 percent of mid-sized organizations will have contract lifecycle management (CLM) solutions in place by 2023,” said Ravinder Singh, Partner at Kalaari Capital.
“The global CLM market is expected to grow from $1.5 billion today to $5.2 billion by 2027. We believe that the AI-powered CLM platform of SimpliContract will drive and ride this growth.”