SirionLabs rakes in $25 million in funding from Brookfield Growth

The homegrown SirionLabs, which is now based in Seattle, raised $85 million from Partners Group last May with participation from existing investors Sequoia India and Tiger Global.

The fresh investment will support product innovation, including advances in artificial intelligence (AI) capabilities and seamless integration with enterprise platforms such as SAP, Salesforce and Microsoft 365, per a statement from SirionLabs.

“Bringing to life complex objects like obligations, service levels and pricing mechanisms, and using this to realise hard-dollar savings, is a harder path but ultimately offers much broader business value for our customers,” Ajay Agrawal, founder and CEO of Sirion, said in the statement. A serial entrepreneur, Agrawal founded SirionLabs in 2012 with Kanti Prabha, Aditya Gupta and Claude Marais.

SirionLabs is rapidly expanding its research and development (R&D) to hubs across the globe to leverage talent in AI, user experience, data science and design thinking, the statement added.

The company helps enterprises from the beginning of the contract cycle, creates, authors, stores, and enables search across the CLM pipeline.

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SirionLabs currently services over 250 clients and manages over 5 million contracts worth over $450 billion across more than 70 countries. It has offices in the United States, Singapore, Australia, Germany, Denmark, United Kingdom, and Canada. The company competes with the likes of Silicon Valley Bank-backed Icertis, Premji Invest-backed Apttus and Ultria.
“We are disciplined in deploying capital with high-quality assets positioned to produce solid long-term returns for our investors. SirionLabs is solving a truly horizontal problem that impacts the bottom line, whether it’s identifying savings, closing deals faster or mitigating compliance risk. Brookfield has experienced this as a SirionLabs customer across multiple business lines globally,” Josh Raffaelli, managing partner at Brookfield Growth, said in the statement.

Founded in 2017, Brookfield Growth is the technology investment arm of Brookfield Asset Management. Its more recent investments in the Indian software-as-a-service (SaaS) segment include participation in a $35 million infusion into proptech startup
Facilio.

(Illustration by Rahul Awasthi)