Icertis, a software-as-a-service (SaaS) startup announced on March 10 that it has raised around $80 million as part of its Series F round. The company's valuation now stands at $2.8 billion, growing triple the size since its last funding round in July 2019.
This year's funding 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 its AI and Blockchain development, expanding its sales and marketing footprint, and building out its global partner network. It also has plans to expand across Japan, South East Asia and northern Europe.
The funding round makes Icertis the second most valuable SaaS unicorn in the Indian startup circuit after Freshworks, which was valued at $3.5 billion in their last funding round in 2020.
Icertis has also appointed Penny Pritzker, founder and chairman of PSP Partners and former US secretary of commerce in the Obama Administration, as well as Karyn Smith, general counsel at Twilio Inc., to its board of directors.
Icertis is a contract lifecycle management company that helps clients manage their contracts right from request for proposals to creating a centralised repository, as well as managing and storage of these contracts.
It further uses AI algorithms to maintain compliance, consistency towards local norms of each country, while ensuring better visibility of these contracts from an organisational perspective.
Icertis has over 240 clients across big tech, retail, travel, transportation and pharmaceuticals and life sciences, including Apple, Microsoft, Airbus, Daimler, and Best Buy. It also works with Indian IT majors, including Wipro Ltd and Infosys Ltd.