NEW DELHI: Cloud-based enterprise technology startup Icertis has mopped up $50 million (about Rs 321 crore) in its fourth round of fund raising, as the Seattle and Pune-based contract management software provider looks to expand its presence across the globe and delve further into artificial intelligence.
The latest round has been led by Meritech Capital Partners, the growth-stage investment firm that has also backed social media and technology giant Facebook and software powerhouse Salesforce, among others, with PSP Capital Partners and Cross Creek Advisors also participating.
The company’s existing list of backers, which includes, B Capital Group, the venture capital firm founded by Facebook co-founder Eduardo Saverin, Ignition Partners, Greycroft and Eight Roads Ventures, have also invested in the new round.
The latest round also brings Icertis’ total funding to $96 million, with the new equity infusion valuing the company at about $500 million.
“Icertis has achieved a massive worldwide footprint in the contract lifecycle management category with iconic brand names, while also being incredibly capital efficient. We see a huge opportunity for them to become the next great global technology company,” Paul Madera, managing director at Meritech Capital Partners, said.
The company will use the proceeds to expand its presence, further build its team, and go deeper into creating AI-based products.
“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 that up with what actually happens in the ERP, sourcing or delivery systems,” Samir Bodas, chief executive, Icertis, told ET.
“We already have offices in New Jersey, San Jose and Seattle and will be opening two new offices in Minneapolis and Dallas. In Europe, we will be opening offices in Stockholm and London. We are already there in Paris, Stuttgart and Paris. In Asia Pacific, we will be expanding to Singapore, Australia and New Zealand,” Bodas said.
The latest round of funding comes less than a year after Icertis raised $25 million in its Series C round, which was led by B Capital Group.
“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,” Kabir Narang, partner at B Capital Group, told ET.
Founded in 2009 by Wharton School alum Bodas and Monish Darda, Icertis has its R&D centre in Pune, and counts blue-chip companies, such as Airtel, Wipro, Genpact and Cognizant among its clientele from the country.