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 with participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital. This funding will drive its efforts in engineering, AI research, and marketing.
SimpliContract democratises contract authoring and establishes powerful post-signature contract management practices by leveraging AI and natural language processing (NLP). The product supports organisations across the contract lifecycle – from request to renewal – and enables effective collaboration for internal and external stakeholders such as vendors and customers.
“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. Organizations are seeing value in user-centric interface, AI capabilities, and agile integrations, and we are committed to delivering on all these,” said Guru Venkatesan, CEO of SimpliContract.
The platform, built with customisable and intelligent workflows, 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.
Ravinder Singh, partner at Kalaari Capital, said, “Around 90% of global enterprises and 50% of mid-size 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.”
SimpliContract was founded in early 2020. The cofounders – Guru Venkatesan, Jinaraj PG, and Makesh Kumar – come with several decades of experience in building, selling, and deploying enterprise applications.
Florian Reichert, partner at Picus Capital, added, “In our view, the team brings together the right skillset to take on more established players in the CLM space.”