Enterprise contract management software provider Icertis is set to raise $50 million in a new funding round, per a Form D filing with the U.S. Securities and Exchange Commission (SEC).
The names of the investors remain undisclosed, though previous reports have indicated potential involvement from SoftBank. The latest funding round comes after Icertis raised $150 million in 2022, a mix of revolving credit and convertible financing from Silicon Valley Bank.
Icertis’ Growth and AI-Powered Solutions
Icertis, the AI-driven CLM leader, assists organizations in automating contract development, compliance, and risk analysis. Its cloud-based SaaS offerings address different sectors, such as finance, legal, and sales.
Financial Performance & Valuation
- Revenue Growth: The company reported a 33% increase in operating revenue, reaching ₹863 crore in FY24, up from ₹649 crore in FY23.
- Profitability: Icertis recorded a net profit of ₹97 crore in FY24, a rise from ₹71 crore the previous year.
- Valuation: Icertis, which became a unicorn in 2019 after raising $119 million in its Series E round, is currently valued at approximately $5 billion.
Funding History and Future Prospects
So far, Icertis has raised $522 million in equity and debt funding. Its investors are Silicon Valley Bank, B Capital, and Premji Invest.
Icertis is expected to expand its global reach, strengthen its enterprise partnerships, and advance its AI-powered contract intelligence platform with this new $50 million investment.
As competition in the contract management SaaS market heats up, Icertis’ funding highlights its growth path and market leadership, especially as businesses increasingly use AI for contract automation and compliance.
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