Artificial intelligence (AI)-driven contract lifecycle management (CLM) company SirionLabs has raised $110 million in its Series D funding round. Toronto-based Brookfield Growth invested an undisclosed amount in the Gurugram-based company. 

Prior to Brookfield, the start-up bagged investments from Partners Group. It also witnessed the participation of Tiger Global and Sequoia Capital. 

The company will utilise the fund to bolster its position in the CLM market. Currently, the company is rapidly expanding its research and development to hubs across the globe to leverage talent in AI, user experience, data science and design thinking. The talent acquisition programme is expected to cost some money. 

Through this deal, Brookfield will support product innovation to strengthen Sirion’s market position. 

Talking about the latest development, Ajay Agarwal, the founder and CEO said, “Sirion aims to go 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 realise hard-dollar savings, is a harder path but ultimately offers much broader business value for our customers,” he also added. 

“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,” Josh Raffaelli, managing partner at Brookfield Growth.