Join us on November 9 to learn how to successfully innovate and achieve efficiency by upskilling and scaling citizen developers at the Low-Code/No-Code Summit. Traditional contract lifecycle management (CLM) tools focus on improving document workflows. However, Icertis seeks to take the field to the next level with contract intelligence that uses artificial intelligence (AI) and machine learning (ML) to automatically extract contract data at scale. These tools are designed to structure contracts' commercial, legal and operational data and connect that data to procurement, ERP and human capital management apps to help companies accelerate revenue, reduce costs, improve risk management and ensure compliance. When VentureBeat previously covered Icertis in 2019, the CLM market was expected to be worth $3.16 billion by 2023.

Icertis, a Bellevue, WA-based provider of a contract lifecycle management (CLM) platform, raised $150M in funding. Silicon Valley Bank provided the revolving credit facility and convertible financing from Silicon Valley Bank. The company intends to use the funds to further extend its leadership position in the CLM category by accelerating the application of transformational technologies like artificial intelligence, machine learning, and blockchain. Icertis provides an AI-powered, analyst-validated Contract Intelligence (ICI) platform that helps companies structure critical commercial, legal, and operational data within contracts and connect that data to surrounding procurement, ERP, HCM, and CRM systems, enabling many of the world's largest enterprises to accelerate revenue, reduce costs, better manage risk, and ensure compliance. Today, iconic brands and innovators use Icertis to govern the rights and commitments in their 10 million contracts worth more than $1 trillion in 40 languages and 90 countries.