SirionLabs has extended its Series D Funding round by another $25 million, which has now risen to $110 million. In May, it raised $85 million in a round led by Partners Group, with Sequoia Capital and Tiger Global also participating. This latest funding also brings a new investor Brookfield Growth to the funding round. Brookfield Growth is the technology investment arm of Brookfield Asset Management, a global investment management firm.
At first glance, it is slightly outside the core focus of Brookfield, whose previous investments are around the intersection of technology and the built environment. However, it may also signal a slightly wider focus, with the press release stating that the growth-equity firm now focuses on market-leading technology firms.
The additional funding will be used to power further growth. Ajay Agrawal, founder and CEO of Sirion, commented, “Sirion’s superpower is that it goes beyond the operational efficiencies of traditional CLM to monitor and manage performance against the terms of the contract after the contract has been signed. Bringing to life complex objects like obligations, service levels and pricing mechanisms, and using this to realize hard-dollar savings, is a harder path but ultimately offers much broader business value for our customers.”
This is not the standard engagement from an investment firm. Brookfield uses SirionLabs across the globe, and it was through understanding the product and its potential that they decided to invest. It stirs memories of Victor Kiam, who liked a razor so much that he bought the company as CEO of Remington products.
Josh Raffaelli, Managing Partner at Brookfield Growth, stated, “We are disciplined in deploying capital with high-quality assets positioned to produce solid long-term returns for our investors. Sirion 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 Sirion customer across multiple business lines globally.”
SirionLabs will use the investment to improve integrations to enterprise platforms such as SAP S/4HANA, Salesforce and Microsoft 365. SirionLabs will face fierce competition from other vendors in the space, notably Icertis, which already has a close partnership with SAP and Conga on the Salesforce platform. It will be interesting to see where it decides to compete.
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