SirionLabs has raised $44 million in fresh funding, led by Tiger Global and Avatar Growth Capital, in a deal estimated to value the company at more than $220 million. The investment marks Tiger Global’s continued bullishness in India’s fast-growing software products sector. It also comes at a time of overall slowdown in funding because of the Covid-19 pandemic.

Ajay Agarwal, chairman of SirionLabs, told ET that the company has seen increased interest from customers for its product amid the ongoing crisis, without specifying whether that would lead to increased revenue for the company.

He said it had crossed the $25 million annual recurring revenue (ARR) target and was on track to double that over the course of the next one year.

SirionLabs will use the funds to expand its products and strengthen its leadership team by bringing in experts in Artificial Intelligence and other fields, from leading tech companies. “We’ve just launched a new laboratory in Seattle and the idea is to build a network version of our AI-engine that can operate at scale. We’re partnering with the leading law firms of the world as our partners to launch this transaction monitoring engine,” Agarwal said.

The company has developed intellectual property and has applied for patents in the area of AI for its permissioned ledger and automated validation processes. “Complex services represent a multi-trillion global market but contracting and governance continue to be cumbersome manual processes.

SirionLabs has spent several years in developing proprietary AI-enabled performance and invoice reconciliation capabilities to address these inefficiencies head-on,” said Vishal Bakshi, Founder and Managing Partner at Avatar Growth Capital. The Series C investment brings SirionLabs’ total equity raised so far to $66 million, with other investors on its cap table including VC giant Sequoia Capital.