An innovative, AI-driven Customer Lifecycle Management (CLM) platform, Malbek, has raised $15.3 million in a Series A funding round led by Noro-Moseley Partners. The round was also joined by TDF Ventures and Osage Venture Partners. This demonstrates a high level of investor confidence in Malbek’s success. As a result, the company will be able to accelerate the development of its proprietary, patent-pending artificial intelligence (AI) products while expanding across a broad range of industries, bringing contracting efficiencies to companies of all sizes.
Hemanth Puttaswamy, CEO and Co-founder of Malbek, said, “This 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. Malbek 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.”
A contract management mistake such as missing milestones results in a loss of revenue of 9.2 percent each year. Malbek was developed to address these gaps and deliver next-generation contract management that delights users and adds value to organizations. Malbek has become a trusted provider of contract management software across multiple industries in a short period of time, increasing revenues exponentially year over year and increasing profits by nearly 500% year over year.
John Ale, Partner at Noro-Moseley Partners, said, “Malbek leads the way in the CLM space as evidenced by the company’s sales win rate versus alternative solutions. Malbek modernizes real-world contract management at scale while providing more insights into contract data that could be easily missed during a review. We are confident in the team’s ability to expand their success and grow their already impressive, happy customer base.”
