Legal tech company SirionLabs lands $85 mln in new funding round

REUTERS/Mohamed Abd El Ghany

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  • Series D round brings total capital raised to $157 million
  • SirionLabs is latest contracts company to get funding this year

(Reuters) – Contracts software company SirionLabs said Tuesday it has raised $85 million in a Series D round led by Swiss private markets firm Partners Group.

The round also included existing backers Tiger Global, Sequoia Capital and Avatar Capital, SirionLabs said. It brings SirionLabs’ total capital raised to $157 million, the contract lifecycle management company said.

SirionLabs markets an AI-driven software tool for legal, procurement, finance and other business teams to manage all aspects of contracts in one place, according to its website, which lists customers including Vodafone Group Plc, Unilever plc and Allianz Global.

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Investors in legal tech have poured money into contract management companies recently. LinkSquares raised a $100 million round in April and Ironclad raised $150 million in January.

Contracts-related companies are one segment of the legal technology market, which sells tools and services to law firms, in-house legal teams and consumers.

Seattle-based SirionLabs was founded in India in 2012 and launched in the US in 2017.

Ajay Agrawal, SirionLabs co-founder and CEO, was a co-founder of large alternative legal services provider UnitedLex Corp.

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Legal tech buzzed throughout 2021 with IPOs, new ‘unicorns’

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Sarah Remember

Thomson Reuters

Sara Merken reports on privacy and data security, as well as the business of law, including legal innovation and key players in the legal services industry. Reach her at sara.merken@thomsonreuters.com

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