SimpliContract, a SaaS-based and AI-enabled enterprise contract lifecycle management platform, has secured $3.5 million in a Pre-Series A funding round led by Emergent Ventures. Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures, and Sentinel Ventures also participated in the round. SimpliContract plans to utilize the funds for business growth and expansion in the US and Europe, with a focus on strengthening sales, marketing, and product offerings. It will further deploy funds for building AI capabilities. The startup counts ATI Physical Therapy, NHS, Kent Police, Cyient, Flipkart Group, and BYJU’S as its clientele and claims its revenue and customer base grew 5X in FY22-23. In India, it competes with the likes of Icertis Contract Management, LinkSquares, PandaDoc, and DocuSign CLM. SimpliContract provides a SaaS-based and AI-enabled enterprise contract lifecycle management platform that allows businesses to manage contracts from initiation to compliance and renewal. The platform has three main business modules. The first module is the contract authoring platform, which enables two parties to negotiate and set terms and conditions using standard templates. The platform also performs automated deviation, version tracking, and dynamic approval workflows.
It seems that SimpliContract is doing well in terms of revenue and customer base growth. It also has ambitious plans to further increase its revenue growth by eight times by the end of FY24. As for competition, the company is up against other CLM providers in India such as Icertis Contract Management, LinkSquares, PandaDoc, and DocuSign CLM. It will be interesting to see how SimpliContract positions itself among its competitors and continues to grow in the contract management space.