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Icertis raises $447 million total, leveraging AI to transform contract management and expand globally
Icertis is a SaaS solution that was founded in 2009 and has its headquarters in Pune. Businesses may structure, connect, and optimize contracts with the aid of the company's identification and compliance solutions for contract lifecycle management.
In a Form D submitted to the US Securities and Exchange Commission (SEC), Pune-based SaaS unicorn Icertis stated that it planned to seek $50 million from investors.
This comes ten months after the company declared that it had obtained $150 million in capital from Silicon Valley Bank, which was made up of convertible financing and a revolving credit line. The investors' names were not revealed by the corporation in the petition.
Icertis's continuous efforts to obtain more funding to support its expansion plans are shown in the most recent Form D filing. The business has raised a lot of money in the past. The company till date has raised approximately $447 million. At its recent valuation, Icertis was worth about $5 billion.
Icertis is a leading provider of contract management software that was founded in 2009 by Samir Bodas and Monish Darda. Icertis Contract Intelligence (ICI) is the company's main product that uses artificial intelligence to digitize, organize, and analyze contracts, allowing organizations to increase efficiency, reduce risks, and improve compliance.
Icertis has offices in North America, India, and Europe in addition to the headquarters in Bellevue, Washington. Prominent investors, including SoftBank and SAP, own minority holdings in the company, which has drawn substantial venture capital funding. Icertis had about 1,700 employees as of December 2021.
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