SaaS startup SimpliContract is an AI and SaaS-based contract lifecycle management platform. On Monday, this company declared that it raised around USD 1.8 billion in a seed funding round which is led by the Kalaari Capital with the participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital. However, this funding will soon drive its efforts in engineering, AI research, as well as marketing. The company has its head-quarter in Bangaluru.
Well, SimpliContract’s products support the organizations across the contract lifecycle from request to renewal and also permits effective collaboration of the internal as well as external stakeholders like vendors and consumers as mentioned.
Partner at Kalaari Capital, Ravinder Singh mentioned, “90 percent of global enterprises and 50 percent of midsize organizations will have CLM solutions in place by 2023. The Global CLM market is expected to grow from USD 1.5 billion today to USD 5.2 billion by 2027. We believe that the AI-powered CLM platform of SimpliContract will drive and ride this growth.”
CEO of SimpliContract, Guru Venkatesan mentioned, “We are seeing significant interest and adoption in the market within a few months of launch. SimpliContracts AI-driven platform supports over 4,000 enterprise users and manages 30,000-plus contracts worth over USD two billion in value.”
