SimpliContract bags $1.8Mn in funds to enhance AI-led CLM solutions

SimpliContract, a SaaS and AI-based contract lifecycle management (CLM) solution, has reportedly secured USD 1.8 million in a seed funding round from Kalaari Capital- a Bengaluru-based early-stage, technology-focused venture capital company. Notably, the round witnessed the participation from Digital Sparrow Capital, Arka Ventures, and Picus Capital.

As per SimpliContract, the company is likely to use the funding to enhance its AI research, marketing, and engineering capabilities.

Ravinder Singh, Partner, Kalaari Capital was reportedly quoted stating that nearly 90% of the global enterprises and 50% of mid-sized companies are expected to adopt advanced CLM technology by 2023.

The global CLM market size is slated to increase from USD 1.5 billion in 2021 to USD 5.2 billion through 2027. SimpliContract’s AI-based CLM solution is expected to play a major role in the industry growth, Singh added.

Speaking about the offerings of the company, Guru Venkatesan, CEO, SimpliContract, mentioned that the firm has witnessed a considerable adoption and interest in the industry within the first few months of launch. The company’s AI-powered platform supports more than 4,000 enterprise users and manages over 30,000 contracts with more than USD 2 billion in value.

Organizations are witnessing value in their user-based interface, agile integrations, and AI efforts, and SimpliContract is focusing on delivering the same, Mr. Guru stated. 

According to Florian Reichert, Partner, Picus Capital, SimpliContract carries an innovative vision to offer workflow automation, intelligence, and collaboration into the contract lifecycle management technology that leads to efficiency gains and informed decisions for its customers.

The team at SimpliContract also carries the right skill set to take on established players in the CLM industry, Florian mentioned.

In other news, in February 2021, Reliance Industries owned Jio Platforms was in talks of finalizing an investment of nearly USD 200 million in Kalaari Capital. The conglomerate had reportedly closed a USD 100 million investment deal with an added commitment of USD 100 million in the coming years.

Source Credit: https://www.thehindubusinessline.com/info-tech/simplicontract-raises-18-mn-in-seed-funding-round-led-by-kalaari-capital/article34811104.ece