Sirion Labs, a leading SaaS provider for post-signature contract management has recently raised $44 million in fresh funding. The round was led by Tiger Global and Avatar Growth Capital bringing the company’s valuation to $220 million. This investment is crucial during the current pandemic as the investments have reduced significantly.
The Covid-19 crisis has increased the interest of customers in the company though Sirion Labs did not clarify the profitability due to the same. Ajay Agarwal, Chairman Sirion Labs told that they have crossed the $25 million annual recurring revenue mark as of now and only plan to take it further by doubling it in next one year.
The raised amount is planned to be used to expand the company’s product and hire best talent in AI and other fields. The company has recently launched a new laboratory in Seattle and their idea is to create a network version of their AI-engine at that scale. Sirion Labs is partnering with leading law firms to launch this transaction monitoring engine.