akirolabs – a Berlin-based ProcureTech company enabling enterprises worldwide to augment strategic procurement processes – announced an extension to its recent $5 million seed funding with an additional 7-digit non-dilutive grant from Investitionsbank Berlin and the European Regional Development Fund (ERDF).
This highly competitive grant – which was awarded only to top tech startups pushing the boundaries of innovation and technology – comes shortly after the company’s successful $5 million seed funding round, emphasizing the strong momentum and confidence in akirolabs’ vision for AI-driven strategic procurement transformation.
The jury was impressed by akirolabs’ vision and the development of akiroAssist, which is their proprietary and leading expert LLM for strategic procurement – which enhances their category management software.
And this innovative use of technology played a major role in securing the grant, highlighting the company’s distinctive position in the ProcureTech landscape.
akirolabs is developing what is called the Penrose Triangle of ProcureTech – a masterpiece that combines three key elements:
1.) Unique procurement domain expertise
2.) Transformative and innovative procurement methodology
3.) AI Engine utilizing Large Language Models (LLM), Retrieval-Augmented Generation (RAG), and Ontology
This funding round will be strategically utilized to further advance the software’s AI/LLM capabilities, cementing akirolabs’ position as the AI-first ProcureTech B2B SaaS company and accelerate product development and team expansion.
This funding round will be strategically utilized for further advancing the software’s AI/LLM capabilities, cementing akirolabs’ position as the AI-first ProcureTech SaaS company, and accelerating the development of akiroAssist – the leading LLM for strategic procurement.
KEY QUOTES:
“We’re honoured to receive this recognition and grant from IBB ProFIT and the ERDF. This vote of confidence from IBB ProFIT and the ERDF fuels our commitment to pushing the boundaries of what’s possible in procurement”
“We’re excited about the journey ahead and deeply grateful for the support of our investors, customers, and partners.”
– Michael Pleuger, CEO of akirolabs
“What you have created is significant… there is no doubt in my mind that this is a breakthrough innovation. akirolabs is on a trajectory to eliminate much of the category management function as we know it today.”
– Elouise Epstein, Industry expert , KEARNEY Partner and best-selling author on Digital Procurement
