SirionLabs, the provider of enterprise SaaS products that are focused on post-signature management of complex service contracts, today raised a second round of funding amounting to $12.25 million led by Sequoia Capital. QualGro ASEAN Fund and Canopy Ventures also participated in this round of funding.
With this round of funding, SirionLabs will focus on deepening its research and development, product lines and market expansions. The team is also looking to hire strong people in their leadership team.
“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,” says Ajay Agrawal, Founder and CEO, SirionLabs.
The team is looking to expand its marketing and sales functionalities in these areas. Apart from this, Ajay adds that for close to eight to nine months now, leading consulting organisations have approached SirionLabs for the forming of strategic alliances. The funding will help in investing and taking these alliances to the next level, so that they can migrate from a direct sales to a distribution based model with time.
Speaking about investing in SirionLabs, Shailendra Singh, Managing Director, Sequoia Capital said that they have created a platform to manage strategic services engagements at large corporations.
He said in the press release that the company’s product-market fit has been strongly validated since Sequoia’s Series A investment. The team is currently looking at centralising their US offices to Silicion Valley and will soon be opening their headquarters there. The team has also setup their London office and are looking to grow that over the course of the year.
Set up in 2012, SirionLabs got their first customer in the form of Western Union, and a subsequent Series A funding from Sequoia Capital in January 2014. Today, SirionLabs has over 20 large enterprise customers like British Petroleum, Vodafone and MasterCard.
“We are present in the core of the enterprise, navigating their relationship with the most strategic suppliers. Unlike most bottom-up SaaS players, our average ticket size or initial deal size is close to $245,000, which goes beyond a million dollars with time,” says Ajay.
The team is also looking to go deeper into artificial intelligence mining of contract, performance and invoice data. Ajay adds that for this they are continuing to partner with the Stanford University Natural Language Processing Laboratory, led by Prof. Christopher Manning. Apart from this, SirionLabs will also be focusing on the increased levels of automation in invoice level validation.
Apart from the funding, Sanish Mondkar, former Executive Vice President and Chief Product Officer at SAP, has joined its Board of Directors. Sanish will work closely with Sirion’s product and engineering teams to further accelerate the pace of innovation and product delivery. At SAP, Sanish was responsible for innovation strategy, technology and product delivery for all products in the procurement line of business.