SirionSupplier management platform provider Sirion Labs has raised a $4.7 million in a round led by Sequoia Capital, reports Startup Central.

Sequoia invested $4.58 mn in this round, with Sirion’s founder Ajay Agrawal making an additional investment of $1.96 million, according to the report. The capital will be used for R&D and market development. With the deal, Shailendra Singh, MD of Sequoia Capital has joined Sirion Labs’ board of directors.

Sirion Labs offers products like Contract Management, Risk Management and Relationship Management that track activities, predict and control risks and manage relationship processes and metrics.

What it does

Gurgaon- and Michigan- based Sirion Labs was founded in 2012 by Ajay and Claude Marais, to address the problems in enterprise governance and vendor management. They develop a SaaS platform which aims to decrease the cost of governance for enterprises and simplify supplier-management.

Here, governance refers to the system of rules, practices and processes by which a company is directed and controlled. It involves balancing interests of stakeholders like shareholders, management, customers, suppliers, financiers, government and the community.

Sirion’s solution takes into account functions like contract, performance, finance, risk, relationship and consumption management. It creates 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.

Other investments in SaaS

Some of the recent investments received by SaaS-providers include Nexus Venture Partners & Intel Capital’s $9 mn investment in ElasticBox, Ivy Cap Ventures and Accel’s undisclosed investment in Vinculum Solutions, and InterWest Partner and CIT GAP Funds’ $5.1 mn investment in DataRPM.