Total amount raised
$516 Millions
Latest funding date
Location
Title
Icertis has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company specializes in AI-powered contract management solutions, ensuring compliance and minimizing risk.
Keep reading to explore the intricacies of Icertis' fundraising journey and the investors backing this innovative platform.
What Is Icertis?
Icertis, founded on March 27, 2009, in Bellevue, Washington, is a leading provider of AI-powered contract management solutions. The company was established by Monish Darda and Samir Bodas.
Specializing in Contract Lifecycle Management (CLM) and Contract Intelligence, Icertis helps organizations structure and connect contract data to drive revenue, control spend, improve compliance, and reduce risk.
With a workforce of 1001-5000 employees, Icertis continues to innovate and lead in the contract management space, serving a diverse range of industries and notable clients.
How Much Funding Has Icertis Raised?
- Series B
- Amount Raised: $15M
- Date: March 2016
- Lead Investors: Ignition Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product development.
- Series C
- Amount Raised: $25M
- Date: March 2017
- Lead Investors: B Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and improve technological capabilities.
- Series D
- Amount Raised: $50M
- Date: February 2018
- Lead Investors: Meritech Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance AI capabilities.
- Series E
- Amount Raised: $115M
- Date: July 2019
- Lead Investors: Greycroft, Premji Invest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand global reach and invest in product innovation.
- Series F
- Amount Raised: $80M
- Date: March 2021
- Lead Investors: B Capital
- Valuation at Round: $2.8 billion
- Motivation Behind the Round: To further scale operations and enhance AI-driven contract management solutions.
- Secondary Market
- Amount Raised: $75M
- Date: October 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: SAP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen strategic partnership and integrate with SAP's suite of products.
- Convertible Note
- Amount Raised: $75M
- Date: October 2022
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the application of AI, machine learning, and blockchain technologies.
- Debt Financing
- Amount Raised: $75M
- Date: October 2022
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance capital position and fend off competition.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: March 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Total Amount Raised: $510M. Current Valuation: $5 billion.
Key Investors
- Silicon Valley Bank
- Details: Silicon Valley Bank provides commercial banking services, expertise, and insights to various industries including technology, life sciences, healthcare, private equity, venture capital, and premium wine industries. It operates globally and is part of SVB Financial Group.
- Investment Focus Areas: Technology, Life Sciences and Healthcare, Private Equity, Venture Capital, Premium Wine Industries.
- Notable Investments: Not publicly disclosed.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund that invests in technology-driven companies across various sectors. It is known for its large-scale investments and strategic support.
- Investment Focus Areas: AI, Robotics, Telecommunications.
- Notable Investments: Uber, WeWork, ARM Holdings.
- SAP
- Details: SAP is a global enterprise software company that provides solutions for managing business operations and customer relations. It has a strategic partnership with Icertis to integrate its CLM solutions with SAP's enterprise software products.
- Investment Focus Areas: Enterprise Software, Cloud Computing, Data Management.
- Notable Investments: Qualtrics, Ariba, Concur.
- B Capital
- Details: B Capital is a venture capital firm that invests in growth-stage companies across various sectors. It focuses on companies that leverage technology to create significant impact.
- Investment Focus Areas: Enterprise Software, Fintech, Healthcare.
- Notable Investments: Not publicly disclosed.
- Greycroft
- Details: Greycroft is a venture capital firm that invests in early and growth-stage companies. It has a diverse portfolio across various industries.
- Investment Focus Areas: Digital Media, Fintech, Healthcare.
- Notable Investments: Not publicly disclosed.
What's Next for Icertis?
With a $30 billion market opportunity on the horizon, Icertis is poised to leverage advanced technologies like AI, machine learning, and blockchain to enhance its contract lifecycle management platform. This growth potential is further amplified by the increasing demand for integrated systems that connect contract data with enterprise solutions such as ERP, HCM, and CRM.
Future fundraising opportunities seem promising, especially given the strong backing from Silicon Valley Bank. As the company continues to capture market share, additional funding rounds or even acquisitions of complementary technologies could be on the cards to sustain its growth trajectory.
However, Icertis will need to navigate challenges such as economic slowdowns, inflation, and intense competition from other CLM providers. Maintaining a competitive edge while integrating rapidly evolving technologies will be crucial for their continued success.
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