Icertis Raises $80 Mn In Series F Round, Valuation Triples To $2.8 Bn
The company will use this funding to invest in accelerating artificial intelligence (AI) and blockchain development, expanding its sales and marketing footprint, and building out its global partner network
Software-as-a-service (SaaS)-based company Icertis on Thursday announced the closing of an $80 million Series F round at a valuation of over $2.8 billion.
The company has now raised over $280 million, and the current financing nearly triples the valuation of its Series E round in July 2019.
The latest round was led by existing investor B Capital Group, with participation from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures.
The company will use this funding to invest in accelerating AI and blockchain development, expanding its sales and marketing footprint, and building out its global partner network.
In addition, Icertis added two business executives to its board of directors. The new independent directors, Penny Pritzker, and Karyn Smith will bring integral perspectives and expertise as the company’s business continues to grow rapidly, a statement said.
Icertis leads the category because the Icertis Contract Intelligence (ICI) platform digitizes the contracting process, uniquely extracts the critical structured and unstructured data found in contracts, connects this data to operational surround systems, and leverages the power of AI to ensure the intent of every contract is fully realized.
“Icertis has built a mission-critical contract intelligence platform that allows organizations to digitize contracts and generate business insights from contracts using AI. The world’s largest corporations, across industries, trust Icertis to generate value from their contracts,” said Kabir Narang, founding general partner, B Capital Group. “At B Capital, we look to back leading enterprise software companies which are digitizing traditional analog workflows enabling collaboration and generating value for businesses. We are excited to deepen our relationship with Icertis and look forward to continuing working with their incredible team as they build the contract intelligence platform for the world.”
CLM is one of the fastest-growing enterprise software categories increasingly recognized as a universal, critical asset for businesses of all sizes, across all industries, in every geography.
“It is immensely satisfying to have led the transformation of CLM from a ‘nice-to-have’ to a ‘critical-to-have’ software category,” shared Samir Bodas, chief executive officer, and co-founder, Icertis. “As our company and category enter an exciting new phase with the closing of this new round, Monish and I are also thrilled to welcome Penny and Karyn aboard Team Icertis. We’re eminently well-positioned to continue our undisputed leadership. Icertis is clearly out in front and executing on our vision to transform contracting – the foundation of commerce – and this is just the beginning.”
The category has ballooned to an addressable market of over $20 billion, growing at a rate of over 35 per cent year-over-year, the company further shared said.