Contract Lifecycle Management Platform SimpliContract Raises $1.8 Million In Seed Funding
SimpliContract, a Bengaluru-based AI and SaaS-based contract lifecycle management (CLM) platform, has raised $1.8 million in a seed funding round led by Kalaari Capital.
The funding round also saw participation from Arka Ventures, Picus Capital, and Digital Sparrow Capital.
As per the startup, it will use the funding to drive its efforts in engineering, AI research, and marketing.
Started by Guru Venkatesan, Jinaraj PG, and Makesh Kumar in early 2020, SimpliContract focuses on end to end Contract Life-cycle Management and aims to democratize contracting with an easy to use design (built from end-user feedback) and a highly configurable platform. The platform leverages its in house AI/ NLP algorithms to query/ extract valuable insights from thousands of contracts and digitize existing contracts.
Talking about the platform, Guru Venkatesan, Co-founder of SimpliContract,
“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 $2 billion in value. Organisations are seeing value in user-centric interface, AI capabilities, and agile integrations, and we are committed to delivering on all these.”
SimpliContract seamlessly integrates with enterprise applications and provides actionable insights to users across procurement, sales, and legal functions, helping enterprises shorten contract cycle time, enforce compliance, reduce risks, manage and fulfil obligations, and adapt easily to the ever-evolving regulatory environment.
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