Bellevue, Washington-based Icertis Inc. has raised $50 million in new funding to expand its cloud contract management platform.

The Series D round was led by Meritech Capital Partners and also included PSP Growth, Cross Creek Advisors, B Capital Group, Ignition Partners, Greycroft and Eight Roads Ventures.

Founded in 2009, Icertis offers a contract lifecycle management cloud platform that seeks to solve contract management problems. The Icertis Contract Management platform offers “more than standard contract lifecycle management software” with an enterprisewide approach that includes features such as proactive contractual obligation monitoring, automatic risk mitigation and the ability to “increase contract velocity” through automated processes.

Icetris claims that the platform is now used by more than a million users covering over 3.5 million contracts in 40 languages. Clients include 3M Co., AbbVie Inc., BASF SE, Cognizant Technology Solutions Corp., Daimler AG, Deutsche Lufthansa AG, Sanofi SA, Wipro Ltd. and World Wide Technology Inc. The company uses Microsoft Corp.’s Azure cloud and is offered to Azure customers.

Including the new round, Icertis has raised $96 million to date. The company said it would use the new funding to enhance its platform, including expanding artificial intelligence and machine learning-driven features and to “opportunistically acquire technologies that address emerging needs.”

Image: Icertis