AI Startup Icertis Raises a Cool $50 Million to Give the Contract Management a Boost

AI Startup Icertis Raises a Cool $50 Million to Give the Contract Management a Boost
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Icertis is an artificial intelligence (AI) technology startup based in Bellevue, Washington. It was founded back in 2009 by Samir Bodas and Monish Darda. The company’s latest announcement is one that sees it bagging a cool $50 million in funding led by Meritech Capital Partners. According to Icertis, the new funding will be used to expand its AI offerings and services across the globe.

Existing investors in the company include Ignition Partners, B Capital Group, Greycroft and Eight Roads Ventures, all of which have taken part in the new round of funding. “Icertis has achieved a massive worldwide footprint in the contract lifecycle management category with iconic brand names, while also being incredibly capital efficient,” says managing director at Meritech Capital Partners, Paul Madera. “We sew a huge opportunity for them to become the next great global technology company.”

As well as expanding its operations further afield, Icertis will use some of the funding to delve deeper into the world of AI as well as employing more staff to help with that. “We will continue our investments to apply AI to contracts, where we can now not only tell customers what the contract says, but also marry up that up with what actually happens in the ERP, sourcing or delivery systems,” said Bodas.

The company announced it will be opening two new offices in North America and these will be in Minneapolis and Dallas. In Europe, new offices will be opened in both London and Stockholm, and in Asia Pacific the company will expand to Australia, New Zealand, and Singapore. Currently there around 100 people employed by Icertis with around three quarters of them working in Bellevue.

It’s been less than a year since the company raised $25 million in its last round of funding, bringing the total amount raised so far to $100 million. So it’s pretty clear the AI focused company’s doing something right. “Icertis is one of the best global SaaS companies to have come out of India, and is well-positioned to become the contract management platform of the world,” said Kabir Narang, partner at B Capital Group.

Some of Icertis’ existing clients include blue-chip companies such as Microsoft, Wipro, Cognizant, Daimler, Airtel, and Genpact. Moving forward the company will continue to develop AI applications that will enhance the contact management industry.

Source EconomicTimes

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