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SimpliContract, an artificial intelligence and SaaS-based contract lifecycle management (CLM) platform, has raised $1.8 million in a seed-funding round led by Kalaari Capital.
The round also saw participation from Picus Capital, Arka Ventures and Digital Sparrow Capital. The company will use the funding to drive its efforts in engineering, AI research, and marketing, SimpliContract said in a statement.
Ravinder Singh, Partner at Kalaari Capital, said, “About 90 per cent of global enterprises and 50 per cent 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 by Guru Venkatesan, Jinaraj PG and Makesh Kumar.
"We have seen 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 more than 30,000 contracts worth over $2 billion in value. Organisations are seeing value in the user-centric interface, AI capabilities, and agile integrations, and we are committed to delivering on all these," said Guru Venkatesan, Chief Executive Officer of SimpliContract.
Kalaari Capital is an early-stage, technology-focused venture capital firm based out of Bengaluru.
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