SirionLabs, the supplier management technology products startup, has secured $12.25 million (approx. Rs 81.5 crore) in a Series-B fund raising led by existing investor Sequoia India with participation from QualGro Asean Fund and Canopy Ventures.
The funds will be used to support expansion and R&D. “We are planning to set up a hub in Silicon Valley and start bringing in talent from the valley. We are going to use the money for R&D in automation. We want to move to 100% automation,” said Ajay Agrawal, CEO, SirionLabs.
Additionally, Sanish Mondkar, Former Chief Product Officer at SAP has joined its board of directors. At SAP, Sanish was responsible for innovation strategy, technology and product delivery for all products in the procurement line.
Earlier, as the Chief Product Officer at procurement business network Ariba, he led all products and operations. Sanish will now work with Sirion’s product and engineering teams to accelerate the pace of innovation and product delivery.
SirionLabs’ Software as a service (SaaS) products are focused on the post-signature management of complex services contracts. The product ‘Sirion’ aims to reduce the cost of supplier management by automating complex procedures across key governance disciplines — contract, performance, financial, relationship and risk management.
Its embedded workflows facilitate real-world buyer-supplier interactions within the system by dissecting the contractual obligations.
Source: The Economic Times
