Sequoia Capital invests $4.7M in supplier management platform SirionLabs
Gurgaon- and Michigan-based SirionLabs Pvt Ltd, which helps businesses simplify the management of key suppliers and lower the cost of governance by delivering critical intelligence on demand, has secured $4.7 million in Series A round of funding from Sequoia Capital. SirionLabs will use the capital for R&D and also to accelerate its market & product development plans.
As part of the deal, Sequoia's managing director Shailendra Singh has joined the SirionLabs board of directors. "We believe SirionLabs can become a very large SaaS company in the vendor governance and vendor management space, in the post-procurement phase of sourcing," said Shailendra Singh.
SirionLabs was founded in 2012 by Ajay Agrawal (CEO) and Claude Marais (president). Agarwal had also earlier founded UnitedLex Corporation in 2006, a provider of legal process outsourcing and strategic legal technology solutions. He is currently an entrepreneur-in-residence at CodeX, the Center for Legal Informatics at Stanford University. He holds a LLM degree from Columbia University and LLB degree from Trinity College.
His partner Marais has two decades of experience in global sourcing domain. In the past, he had worked at General Motors and The Coca-Cola Company.
SirionLabs is creating the next generation of supplier management technology through its structured data approach to simplify the procurement of strategic services. Organizations deploy its product to create a single system of record for strategic suppliers, standardize processes, consolidate legacy systems and drive meaningful comparisons in performance between diverse suppliers, functions, and regions.
"Strategic supplier spend, in excess of $1 trillion, annually experiences an estimated hard value leakage of $80-120 billion just on the buy side. Traditional procurement and service delivery products cannot be improved to address this problem because they are simply not geared to bring all the key disciplines of post-signature supplier management into a single platform. Further, they lack the ability to bring the enterprise focus down to the obligation level where the real value leakage takes place," said CEO Agarwal. "SirionLabs' mission is to deploy this approach to radically simplify the procurement of strategic services and bring its unfulfilled promise of increased savings and efficiency to organizations of all sizes."