⁍ Artificial intelligence startup SirionLabs raised a $44 million Series C round in May from investors Tiger Global and Avatar Growth Capital.
⁍ The raise valued the company at around $250 million.
⁍ The company makes contract management software, and has a built-in AI that can help write contracts or check promises against fulfilment.
⁍ It has now brought in $66 million in total funding, with previous rounds led by Sequoia Capital India.
– A Seattle-based startup says it has figured out a way to use artificial intelligence to cut billions in costs. SirionLabs says it has built an AI-driven analytics platform called SirionAE that will use existing contracts to check that suppliers are delivering on promises. The company says it has saved its clients—including Vodafone, Unilever, and Credit Suisse— $2.2 billion over the past five years, Business Insider reports. “The problem that we’re solving is a $2 trillion to $3 trillion leakage, that most companies are not even aware exists,” CEO Ajay Agrawal says. “We’re solidly on the path to crossing $100 million in revenue and becoming the next big unicorn in the contracting space.” SirionLabs says it plans to use the $44 million in new funding to launch SirionAE and expand into the contract management space.
Source: https://www.businessinsider.com/sirionlabs-series-c-44-million-funding-pitch-deck