{"id":139736,"date":"2021-09-28T15:00:00","date_gmt":"2021-09-28T15:00:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2920105"},"modified":"2021-09-28T15:00:00","modified_gmt":"2021-09-28T15:00:00","slug":"malbek-raises-15-3-million-series-a-funding-round-to-expand-its-proprietary-ai-core-contract-lifecycle-management-platform","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2021\/09\/28\/malbek-raises-15-3-million-series-a-funding-round-to-expand-its-proprietary-ai-core-contract-lifecycle-management-platform\/","title":{"rendered":"Malbek Raises $15.3 Million Series A Funding Round to Expand Its Proprietary AI Core Contract Lifecycle Management Platform"},"content":{"rendered":"

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Noro-Moseley Partners led the round, with additional backing from TDF Ventures and Osage Venture Partners<\/em><\/p>\n

SOMERSET, N.J. — Sept. 28, 2021, iCrowdNewswire —<\/strong> Malbek<\/a>, today’s most cutting-edge, AI-fueled Contract Lifecycle Management (CLM) platform, is announcing a $15.3 Million Series A funding round led by Noro-Moseley Partners. TDF Ventures and Osage Venture Partners also participated in the round. The transaction highlights strong investor confidence in Malbek\u2019s success. Funding will be used to accelerate the company\u2019s proprietary, patent-pending AI product innovations while continuing to expand across multiple industries, bringing contracting efficiencies to businesses of all sizes.<\/p>\n

\u201cThis investment unlocks our next stage as a company and enables us to empower more business users to get deeper, more actionable contract data insights that will ultimately save organizations valuable time, reduce risk, and accelerate topline revenue,\u201d said Hemanth Puttaswamy, CEO and Co-founder of Malbek. \u201cMalbek is the proven, next-generation CLM made for everyone. Our modern solution is trusted by Fortune 500 customers and other large enterprise teams, as well as many small to mid-sized high-growth organizations, to unite Legal, Sales, Finance, and Procurement teams to take the hassle out of the entire contract process, from pre to post-signature and every step in between.\u201d<\/p>\n

Contract management pitfalls, such as missed contract milestones, erode an average of 9.2 percent of revenue annually. Understanding these gaps in the market, Malbek was born with a vision to offer next-generation contract management that both delights the user and accelerates ROI. In a very short period, Malbek has proven itself as a trusted contract management solution provider for global customers across multiple industries, increasing sales nearly 500% year over year and exponentially increasing subscription revenue.<\/p>\n

\u201cMalbek leads the way in the CLM space as evidenced by the company\u2019s sales win rate versus alternative solutions,\u201d said John Ale, Partner at Noro-Moseley Partners. \u201cMalbek modernizes real-world contract management at scale while providing more insights into contract data that could be easily missed during review. We are confident in the team\u2019s ability to expand their success and grow their already impressive, happy customer base.\u201d<\/p>\n

The Malbek platform is used by large global organizations across a variety of industries including TIBCO Software Inc., Momentive (formerly SurveyMonkey), EDF Renewables, Pantheon, Rothman Orthopaedic Institute, and more, allowing contracting teams to achieve higher efficiencies in contracting processes and increased productivity.<\/p>\n