AI based SaaS contract life cycle management platform SimpliContract has just raised a value of $1.8 million in its seed funding round, led by Kalaari Capital, along with participation from many other agencies, including Picus Capital, Digital Sparrow Capital, and Arka Ventures.
SimpliContract makes use of artificial intelligence and natural language processing (NLP, or the ability of computers to understand human text and speech) to carry out democratization of contract authoring, while also establishing powerful post-signature contract management. The company deals with easy and quick AI-based analysis of contracts through its Simpli Xtract system, so that both parties can come to an agreement rapidly, without having to waste precious time poring over all the clauses. Moreover, upload of third party contracts, and quick design using templates, is also supported.
Additionally, the company also provides for method for digitizing and storing all contracts on computers, through text extraction and scanning. Virtual scanning of contracts is also facilitated. The startup is committed to bring the time taken for scrutinizing and signing contracts, from weeks to merely days.
The platform, which was founded early last year by Guru Venkatesan, Jinaraj PG, and Makesh Kumar equipped with customizable workshops which can easily be integrated into enterprise applications. The technology developed by the company provides users with insights into procurement, sales, and legalities, while reducing contract cycle time and associated risk. Support is also provided to increase revenue recognition, and legal operation costs or contractual penalties are reduced.
Guru Venkatesan, who now serves as the CEO at SimpliContract, talked about how the new funds will be utilized, saying, “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 $2B in value. Organizations are seeing value in user-centric interface, AI capabilities, and agile integrations, and we are committed to delivering on all these.”
Ravinder Singh, Partner at Kalaari Capital, expressed his views on the deal, saying, “90% of global enterprises and 50% of midsize organizations will have CLM solutions in place by 2023. The Global CLM market is expected to grow from $1.5B today to $5.2B by 2027. We believe that the AI-powered CLM platform of SimpliContract will drive and ride this growth.”
Florian Reichert, Partner at the funding agency, approved of the deal with SimpliCapital, saying,”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.”
