SimpliContract, an AI based startup, will be using the freshly raised funding in its AI research, empowering its engineering and marketing.
Bengaluru- based SimpliContract, an AI and SaaS-based contract lifecycle management (CLM) platform, has raised $1.8 Million in a seed funding round led by Kalaari Capital, the seed round the participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital.
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”.
SimpliContract was founded by Guru Venkatesan, Jinaraj PG, and Makesh Kumar in early 2020, the startup focuses on contract authoring and establishes powerful post-signature contract management practices by leveraging AI and natural language processing (NLP).
The startup’s product helps companies across the contract lifecycle- from request to renewal- and enables effective collaboration for internal and external stakeholders such as vendors and customers.
“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,” said Ravinder Singh, Partner at Kalaari Capital.
The AI based SimpliContract is built with customisable and intelligent workflows which seamlessly integrates with surprise 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 ever-evolving regulatory environment.
“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,” said Florian Reichert, Partner at Picus Capital.