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Tuesday, November 29, 2022

Icertis secures $150M to boost adoption of AI, ML, blockchain technologies

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SaaS startup Icertis has secured funding of $150 million.The company plans to use the money to further fast-track the adoption of technologies like artificial intelligence (AI), machine learning (ML), and blockchain.

Icertis, a software-as-a-service (SaaS) business, has received $150 million from Silicon Valley Bank in the form of a revolving credit facility and convertible financing.

On Monday, the business said that the cash will be used to speed the adoption of technologies such as artificial intelligence (AI), machine learning, and blockchain.

Icertis’ newest fundraising round follows an undisclosed sum obtained in January from German corporate software manufacturer SAP in exchange for a minority share.

Icertis, which was founded in 2009, provides contract lifecycle management software that assists organizations in managing their contracts. It also assists organizations in ensuring the visibility of these contracts while ensuring compliance with local legislation.

Chief financial officer (CFO), Icertis, Rajat Bahri, said, “This fresh investment from Silicon Valley Bank is a significant vote of confidence in our development trajectory, bolstering our already strong financial position and allowing us to lean in to gain market share and build toward the next exciting chapter in our company’s journey.”

In September 2021, Japan’s SoftBank Vision Fund bought shares from Icertis’ current investor Eight Roads in a secondary transaction valued at roughly $5 billion, propelling the business to the top tier of Indian SaaS startups.

Bob Blee, director of US Technology Corporate Banking at Silicon Valley Bank, said, “We are happy to engage with Icertis and support its continuing growth as an industry leading contract intelligence platform. Contracts are the backbone of trade, as they lie at the crossroads of nearly all commercial activities. Understanding and exploiting the underlying data may have a significant influence on a wide range of businesses.”

Clients have utilized Icertis’ platform to execute over 10 million contracts in 40 languages, according to the company.

The newest investment also comes at a time when numerous late-stage businesses are in negotiations to seek new financing via convertible notes, despite values weakening as global macroeconomic headwinds continue to buffet global technology equities.

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