Contract lifecycle management platform SimpliContract has raised $1.8M in seed financing round led by Kalaari Capital. The round also saw participation from Picus Capital, Digital Sparrow Capital and Arka Ventures.
Guru Venkatesan, CEO of SimpliContract, said, “We are seeing significant interest and adoption in the market within a few months of launch. SimpliContract’s AI-driven platform supports over 4,000 enterprise users and manages 30,000+ contracts worth over $2 billion in value. Organisations are seeing value in user-centric interface, AI capabilities, and agile integrations, and we are committed to delivering on all these.”
Ravinder Singh, Partner at Kalaari Capital, added, “90 percent of global enterprises and 50 percent of midsize organisations will have CLM solutions in place by 2023. The global CLM market is expected to grow from $1.5 billion today to $5.2 billion by 2027. We believe that the AI-powered CLM platform of SimpliContract will drive and ride this growth.”
Speaking about the platform, Florian Reichert, Partner at Picus Capital, said, “SimpliContract has a unique vision to bring workflow automation, collaboration, and intelligence into contract lifecycle management which results in clear efficiency gains and more informed decisions for their clients.”
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