SimpliContract, an AI and SaaS-based contract lifecycle management (CLM) platform, said on Monday it has raised USD 1.8 million in a seed funding round led by Kalaari Capital with participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital.
This funding will drive its efforts in engineering, AI research, and marketing, the Bengaluru-headquartered company said in a statement.
SimpliContract’s product supports organisations across the contract lifecycle from request to renewal and enables effective collaboration for internal and external stakeholders such as vendors and customers, it said.
The platform, built with customisable and intelligent workflows, seamlessly integrates with enterprise applications and provides actionable insights to users across procurement, sales, and legal functions, the statement said.
Partner at Kalaari Capital, Ravinder Singh, said, “90 per cent of global enterprises and 50 per cent of midsize organisations 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.”
\
“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,” CEO of SimpliContract, Guru Venkatesan, said.