US-based contract management software provider Icertis closed a $115m series E round yesterday that featured Eight Roads Ventures, a subsidiary of investment and financial services group Fidelity.
B Capital Group, the investment firm sponsored by management consultancy Boston Consulting Group, also took part in the round, which was led by investment firm Premji Invest and private equity firm Greycroft, and valued Icertis at more than $1bn.
Cross Creek, Ignition Partners, Meritech Capital Partners and PSP Growth also contributed capital.
Founded in 2009, Icertis has developed a cloud-based contract management platform that leverages artificial intelligence technology to help brands digitise paperwork.
The Icertis Contract Management (ICM) platform is used by clients such as aerospace manufacturer Airbus, pharmaceutical firms Johnson & Johnson and Roche, software producer Microsoft, health insurer Blue Cross Blue Shield and conglomerate 3M.
Icertis will use the funds to bolster sales and marketing efforts, further invest in product development and expand its blockchain-powered enterprise contract management platform.
In February 2018, Meritech Capital led the company’s $50m series D round, investing alongside PSP Growth, Cross Creek Advisors and undisclosed existing investors.
B Capital Group led Icertis’ $25m series C round in 2017, with e.ventures, Greycroft and Ignition Partners also taking part.
Ignition Partners led a $15m series B that featured Fidelity Growth Partners India, a unit of Fidelity Growth Partners that has since been restructured into Eight Roads, in 2016. Eight Roads and Greycroft also took part in a $6m series A round in 2015.