SirionLabs, founded to radically simplify governance of strategic suppliers, has secured $4.7 million in Series A funding from Sequoia Capital. SirionLabs will use this fund for R&D and to accelerate market and product development plans.

As a part of the new round of funding, Shailendra Singh, Managing Director at Sequoia Capital, will join 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," says Shailendra Singh.

Michigan based SirionLabs was founded by UnitedLex founder Ajay Agrawal and industry veteran Claude Marais in 2012. The company is aiming to transform the world of supplier governance with their flagship product Sirion which was released in September 2013. It helps businesses simplify the management of key suppliers and lower the cost of governance by delivering critical intelligence on demand and automating the full spectrum of contracts, performance tracking, invoice processing, risk, relationship alignment, and consumption on a single, integrated platform.

"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," says Ajay Agrawal, CEO & Co-founder, SirionLabs. "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," adds Agarwal.