SirionLabs lands $85M to inject contract management with automation – TechCrunch

Contract lifecycle management (CLM), the method of managing a contract from initiation through award, compliance, and renewal, can be costly for companies. World Commerce and Contracting estimates the average cost of a simple contract at $6,900, rising to over $49,000 for more complex agreements. The opportunity is often worth the investment, but without close contract governance, businesses stand to lose up to 40% of a contract's value, a KPMG survey found. The tantalizing prospect of automating the contracting process has drawn a number of entrepreneurs to the space, including UnitedLex co-founder Ajay Agrawal. Agrawal's newest venture is SirionLabs, which comines AI technologies like natural language processing to import and organize contracts, negotiations, and contract review. Highlighting the investor interest in the segment, SirionLabs announced that it closed an $85 million Series D financing round led by Partners Group with participation from existing investors Sequoia Capital and Tiger Global.