SimpliContract, a Contract Lifecycle Management (CLM) provider, has raised $3.5 million in a pre-series A VC funding round. The investment was led by Emergent Ventures, with participation from Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures, and Sentinel Ventures.
SimpliContract will use the VC funding to fuel growth and expansion in the US and European markets, with a focus on investing in sales and marketing. The CLM startup assists Legal, Sales, Finance, and Procurement teams while also intending to create tailored solutions for various industries such as Retail, IT, and Business Services, by enhancing its AI and automation capabilities.
SimpliContract’s CLM platform, which is powered by NLP-enabled AI technology, serves customers such as Bass Pro Shops, ATI Physical Therapy, NHS, Kent Police, Cyient, Flipkart Group, and Byju’s. The platform caters to over 20,000 enterprise users across Legal, Sales, Procurement, Finance, and HR, with a total contract value of $30 billion under management.
Founded in 2020, SimpliContract has raised $5.3 million to date. The enterprise SaaS startup previously raised $1.8 million in seed funding in June 2021.