Bengaluru, April 12, 2023 – SimpliContract, a leading player in the Contract Lifecycle Management (CLM) market with its AI-powered SaaS platform, has successfully closed a pre-series A funding round with $3.5 million raised. The investment was led by Emergent Ventures, with participation from Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures, and Sentinel Ventures.
The funds will primarily be used to fuel SimpliContract’s growth and expansion in the US and European markets, with a focus on investing in sales and marketing. The CLM startup assists Legal, Sales, Finance, and Procurement teams while also intending to create tailored solutions for various industries such as Retail, IT, and Business Services, by enhancing its AI and automation capabilities.
SimpliContract’s CLM platform, which is powered by NLP-enabled AI technology, currently serves marquee enterprise customers, including Bass Pro Shops, ATI Physical Therapy, NHS, Kent Police, Cyient, Flipkart Group, and Byju’s. The platform caters to over 20,000 enterprise users across Legal, Sales, Procurement, Finance, and HR, with a total contract value of $30 billion under management.
By streamlining the contracting lifecycle and reducing complexity and friction, SimpliContract’s platform has the potential to reduce contracting time by up to 40% and help enterprises save millions of dollars. The unified CLM platform has been built for distributed global teams to simplify complex business processes and ensure compliance across all stages of the contracting process.
Emergent Ventures and Kalaari Capital expressed their excitement about the investment and the potential for SimpliContract’s CLM platform.
Ankur Jain, Founding Partner of Emergent Ventures commented “We’re excited to lead this funding round and support SimpliContract’s mission to simplify the contracting lifecycle and establish powerful contract management practices using the power of AI,”.
Ravinder Singh, Partner at Kalaari Capital added “SimpliContract’s CLM platform is a game-changer for enterprises across industries and we have been delighted to witness the pace at which the company has grown over the last two years to serve notable enterprise brands. Guru, Makesh, and Jinaraj form a highly capable, mature, and passionate founding team, with a deep understanding of customers and product building. We are privileged to have been an early backer in their journey and remain committed to helping them scale globally.”
Guru Venkatesan, Co-founder & CEO of SimpliContract, highlighted the importance of CLM and LegalTech in today’s digital age. “With digitization and automation taking center stage, CLM is no longer a ‘good to have’ but a ‘must-have’ for enterprises. We’ve seen a considerable uptake for our CLM platform basis its maturity, versatility, and unique features compared to contemporaries in the market,” he said.
Founded in 2020, SimpliContract has cumulatively raised $5.3 million, including the current round. The B2B enterprise SaaS startup had previously raised $1.8 million in seed funding in June 2021.
For more information about SimpliContract, please visit their website at www.simplicontract.com. For media inquiries, please contact Susheel Kumar at firstname.lastname@example.org or +91 9880424793.