Record Funding Fuels Top Billing in U.S. State-By-State Analysis from CB Insights
Icertis, the leading provider of enterprise contract management in the cloud, announced it has been recognized by CB Insights, a technology market intelligence platform that analyzes startup data, as the most well-funded startup in Washington State developing products infused with Artificial Intelligence (AI) capabilities. Icertis’ $96 million in funding led to top billing in the state-by-state analysis.
The rankings were revealed in a research brief documenting U.S. state leaders in fundraising for a broad array of AI technologies from autonomous vehicles to salestech to cybersecurity. Icertis lead all companies in Washington statethat have raised equity funding since January 2014. The report found that overall funding in U.S. AI startups grew 72 percent year-over-year, hitting a record $9.3 billion in 2018.
“Of all the critical data categories in the enterprise, companies are benefitting the most from the application of AI to contract management due to contracts’ inherent unstructured nature and the value locked therein,” said Monish Darda, Chief Technology Officer and Co-founder of Icertis. “We are proud to lead the way in using AI to create business value where there was none before. This recognition by CB Insights highlights our continued momentum as we execute on our vision of transforming the foundation of commerce with enterprise-wide contract management.”
Icertis attributes its rapid growth to its industry-leading Icertis Contract Management (ICM) platform (as recently recognized by Forrester), increased customer deployments in new verticals and strengthened senior leadership team. Icertis helps enterprises digitally transform how they manage their commercial relationships through AI-driven contract lifecycle management, a category with a total addressable market of $7 billion growing at a CAGR of 36.6% (“Contract Lifecycle Management (CLM) – Total Addressable Market (TAM) Forecast 2018-2022,” MGI Research, March 2019).
“Artificial Intelligence will be the next big differentiator for companies looking to accelerate their contract management processes,” said Igor Stenmark, Managing Director at MGI Research. “Icertis’ strategy of tightly integrating AI capabilities into its industry leading platform will help turn contracts from static documents into strategic assets.”
Read More: The Artificial Intelligence Week