SimpliContract Raises $1.8 Mn In Seed Funding Led By Kalaari CapitalThis funding will drive its efforts in engineering, AI research, and marketing
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Artificial intelligence (AI) and SaaS-based contract lifecycle management (CLM) platform SimpliContract on Monday informed to have raised $1.8 million in a Seed funding round led by Kalaari Capital with participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital.
This funding will drive its efforts in engineering, AI research, and marketing.
"90 per cent of global enterprises and 50 per cent of midsize organizations 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," said Ravinder Singh, partner, Kalaari Capital.
SimpliContract democratizes contract authoring and establishes powerful post-signature contract management practices by leveraging AI and natural language processing (NLP). The product supports organizations across the contract lifecycle—from request to renewal—and enables effective collaboration for internal and external stakeholders such as vendors and customers.
"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. In our view, the team brings together the right skillset to take on more established players in the CLM space," added Florian Reichert, partner, Picus Capital.
The platform, built with customizable and intelligent workflows, seamlessly integrates with enterprise applications and provides actionable insights to users across procurement, sales, and legal functions. It helps enterprises shorten contract cycle time, reduce risks, enforce compliance, manage and fulfil obligations, and adapt easily to the ever-evolving regulatory environment.
"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 over 30,000 contracts worth over $2 billion in value. Organizations are seeing value in the user-centric interface, AI capabilities, and agile integrations, and we are committed to delivering on all these," concluded Guru Venkatesan, chief executive officer, SimpliContract.
