1947 Rise ☀️: 218
SaaS startup Icertis raises $150 million funding from Silicon Valley Bank
Software-as-a-service (SaaS) startup Icertis has raised $150 million through a revolving credit facility and convertible financing from US-based Silicon Valley Bank.
The company said on Monday that it would use the funds to further accelerate the adoption of technologies such as artificial intelligence (AI), machine learning, and blockchain.
Icertis’ latest funding round comes after it raised an undisclosed sum from German enterprise software maker SAP in exchange for a minority stake in January.
Founded in 2009, Icertis provides a contract lifecycle management software that helps businesses manage their contracts. It further helps organisations ensure visibility of these contracts, while helping them maintain compliance with local rules.
Unacademy monthly burn down to $7 million from $20 million: CEO Gaurav Munjal
Unacademy has brought its monthly burn down from $20 million to $7 million, said co-founder and chief executive officer Gaurav Munjal. Taking to Twitter on Friday (November 4), Munjal said, “Winter will get worse. Get to profitability asap. And then grow from there. Stop all unnecessary spends. Focus on building great Products and organic Traction Channels.”
Responding, user Parth Dhebar posted: “Oh, the irony. Isn’t Unacademy burning millions?”
Munjal replied saying, “Burn is down from $20M a month to $7M a month. Will further go down.”
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