Icertis Secures $50 Million in Fresh Funding Round

Based on a recent SEC Form D filing, contract management software provider Icertis has secured $50 million in fresh capital.

The company hasn't named its backers, though industry rumors indicate SoftBank's possible involvement. This follows Icertis' previous $150 million raise in 2022, which mixed revolving credit and convertible financing from Silicon Valley Bank.

Through its AI-powered platform, Icertis helps companies automate contract processes, compliance tracking, and risk assessment. Its cloud solutions serve various departments, from legal to sales.

The company's finances show strong momentum. Operating revenue jumped 33% to ₹863 crore in FY24, up from ₹649 crore last year. Profits also rose to ₹97 crore from ₹71 crore in the same period.

Since becoming a unicorn in 2019 after raising $119 million in Series E funding, Icertis has reached a nearly $5 billion valuation. The company has raised $522 million in total funding to date, with Silicon Valley Bank, B Capital, and Premji Invest among its backers.

With this new cash infusion, Icertis looks to grow globally, strengthen business partnerships, and enhance its contract intelligence technology.

The funding highlights Icertis' growth trajectory as more businesses use specialized contract management tools for automation and compliance needs.