, which offers a contract intelligence company based on contract lifecycle management (CLM), on Monday announced that it has raised $150 million in funding comprised of a revolving credit facility and convertible financing from Silicon Valley Bank.
As per the official release, the funds will enable the India-origin B2B company to accelerate the application of technologies like artificial intelligence, machine learning, and blockchain.
The Icertis Contract Intelligence platform helps companies structure critical commercial, legal, and operational data within contracts, and connect that data to surrounding procurement, ERP, HCM, and CRM systems.
“We continue to see strong momentum with our clear value proposition as we help customers become more agile, drive efficiencies, and respond to market challenges like inflation, sanctions, economic slowdown, and supply chain disruptions,” said Rajat Bahri, CFO of Icertis.
“This new funding from Silicon Valley Bank is a major vote of confidence in our growth trajectory, enhancing our already strong capital position, and enabling us to lean in to capture market share and build towards the next exciting chapter in our company’s journey,” Rajat added.
According to MGI Research, the category total addressable market for CLM will increase to $30 billion in the next five years. Icertis claims to be at the forefront of contract management with robust AI and deep, wide-ranging technology partnerships. It structures and integrates contract data to deliver end-to-end value across the enterprise by automating processes.
“Contracts are the foundation of commerce, sitting at the intersection of almost all business processes. Understanding and harnessing the underlying data can drive material business impact to a wide range of enterprises. We’re proud to support the Icertis team as they build an enduring and industry-leading enterprise software company,” said Bob Blee, Head of US Technology Corporate Banking at Silicon Valley Bank.
