TROY, MI, SirionLabs, a rapidly emerging provider of innovative supplier management technology products, has closed $12.25 million in Series B financing, led by existing investor Sequoia India.
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In addition, Sanish Mondkar, former Executive Vice President and Chief Product Officer at SAP, has joined its Board of Directors. This round of financing also saw participation from QualGro ASEAN Fund and Canopy Ventures. The leadership extension and new financing will be used to expand product capabilities and fuel market growth.
Sanish is an established leader and a product visionary in the procurement space. As Chief Product Officer at SAP, he was responsible globally for innovation strategy, technology and product delivery for all products in the procurement line of business. Earlier, as the Chief Product Officer at Ariba, he led all products and operations and built the Ariba Network from infancy to the world's largest procurement business network. Sanish will work closely with Sirion's product and engineering teams to further accelerate the pace of innovation and product delivery.
'The lack of effective technology options for managing complex services engagements during the post-signature phase has been a painful challenge for most large corporations for a long time. Through its fundamentally different approach and an intelligent product architecture purpose-built for complex services engagements, Sirion represents the future of how Fortune 1000 organizations will manage their strategic services engagements,' said Sanish, further adding 'I am excited to be at the forefront of this disruptive journey alongside the Sirion team.'
Governance of complex services suppliers (such as IT outsourcing, BPO etc.) continues to be a major challenge for large global organizations with significant outsourcing spend. As per research, the potential global market size for outsourcing governance solutions is estimated to be around USD 10 billion, with only 0.28% of the market potential currently being tapped.
'SirionLabs has created a platform to manage strategic services engagements at large corporations. The product-market fit has gotten strongly validated since Sequoia's Series A investment. We have been positively surprised by the scale of Sirion's impact in their enterprise customers and are excited to continue to back Ajay and team to take SirionLabs to the next level,' said Shailendra Singh, Managing Director, Sequoia Capital India Advisors.
'The product market fit for Sirion has already been validated with several Fortune Global 1000 companies realizing millions of hard dollar savings through effective performance and invoice validation,' said Ajay Agrawal, CEO, SirionLabs. 'This new investment and Sanish's expertise in guiding market leading products will enable us to embark on the next phase of innovation and exponential growth.'
SirionLabs has been named by Gartner as a Cool Vendor in Procurement and Sourcing Technology, recognized by IBM as India's top B2B start-up and identified as a 'provider to watch' by Spend Matters.
SirionLabs is the leading provider of enterprise SaaS products focused on the post-signature management of complex services contracts.
SirionLabs' supplier governance product, Sirion, significantly reduces the cost of supplier management by automating complex procedures across key governance disciplines - contract, performance, financial, relationship and risk management. Its embedded workflows facilitate intricate real-world buyer-supplier interactions within the system by using contractual obligations as the core language. The high level of process automation cultivates trust, transparency and authenticity in sourcing transactions leading to strengthened buyer-supplier relationships, reduced value leakage, enhanced compliance and deeper insight into performance levels. You can visit us at www.sirionlabs.com, and follow us on LinkedIn and Twitter.
About Sequoia India:
Sequoia helps founders turn imaginative ideas into enduring companies. As the 'Entrepreneurs Behind the Entrepreneurs,' the Sequoia team has worked closely with legendary founders such as Steve Jobs of Apple, Len Bosack and Sandy Lerner of Cisco, Sergey Brin and Larry Page of Google, Reid Hoffman and Jeff Weiner of LinkedIn among others. Our partner entrepreneurs in India include Amit Jain and Anurag Jain of Cardekho, Jaspreet Singh of Druva, VSS Mani of Just Dial, Alan Mamedi and Nami Zarringhalam of Truecaller, Deepinder Goyal and Pankaj Chaddah of Zomato among others.
Sequoia is now helping the next generation of innovators build the lasting companies of tomorrow. To know more about the Sequoia team in India and the companies we have partnered with, please visit www.sequoiacap.com.