Tiger Global and Avatar Growth Capital lead $44 Mn round in SirionLabs

Enterprise-focused software-as-a-service provider, SirionLabs, has raised $44 million in its Series C round led by Tiger Global and Avatar Growth Capital.

The fresh funding has come after a gap of four years. In July 2016, SirionLabs had picked up Series B round worth $12.25 million from Sequoia Capital, QualGro ASEAN Fund and Canopy Ventures.

The Gurugram-based firm, which has been valued at $220 million in this round, will use the fresh capital to expand its products and strengthen its leadership team by bringing in experts in artificial intelligence and other fields.

Led by Ajay Agrawal and Claude Marais, SirionLabs offers SaaS products that are focused on post-signature management of complex service contracts,

Apart from Gurugram, SirionLabs does overseas operations with offices in New York and Singapore and has opened a laboratory in Seattle. Besides, it has developed intellectual property and has applied for patents in the area of AI for its permissioned ledger and automated validation processes.

According to the company, it makes 80% of its revenues from the US and European markets, servicing sectors such as banking, financial services and insurance (BFSI), telecom, pharmaceuticals, oil and gas and the public sector.

The firm has recently crossed the $25-million annual recurring revenue (ARR) target and was on track to double that over the course of the next year, said an ET report.

SirionLabs counts notable enterprises such as Vodafone, Unilever, BP and Credit Suisse as its customers and some of its product offering competes with Pune-based Icertis and US-based Apttus.