SirionLabs, the supplier management technology products startup, has raised around Rs 81.5 crore in a Series-B funding round that was led by existing investor Sequoia India. The round also saw participation from QualGro Asean Fund and Canopy Ventures. With this round of funding, SirionLabs will focus on strengthening its research and development, product lines and market expansions. The team is also looking to hire strong people in their leadership team. Ajay Agrawal, CEO, SirionLabs said in a statement:
“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,”
Sanish Mondkar, former Chief Product Officer at SAP has also joined the company’s 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 emphasize on the post-signature management of complex services contracts. Their 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 workflows facilitate real-world buyer-supplier interactions within the system by dissecting the contractual obligations. Ajay Agarwal, adds:
“We are a heavy engineering and technical company. There are several categories of SaaS companies. We will be focusing strongly on deep tech and R&D. We are also increasing our go-to market in the West and in Australia. The key areas we will be focusing on are North America, Europe and Australia,”