akirolabs Secures 7-digit Grant to Develop the Leading LLM for Strategic Procurement, Building on Recent $5M Seed Round

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Highlights:

• akirolabs awarded 7-digit non-dilutive public funding from Investitionsbank Berlin and the European Regional Development Fund (ERDF).
• The jury acknowledged akirolabs' breakthrough innovation in ProcureTech and praised its advancements in integrating AI into strategic procurement.
• Fund will be utilized to develop further akiroAssist, the leading Expert LLM for Strategic Procurement, enhancing akirolabs' AI capabilities and reinforcing its position as an AI-first ProcureTech SaaS company.
• This public funding comes after the company's $5M seed round announcement in January this year, which was led by High-Tech Gründerfonds (HTGF), OTB Ventures, and D11Z Ventures.

BERLIN, July 25, 2024 /PRNewswire/ -- akirolabs, a Berlin-based ProcureTech startup, enabling enterprises worldwide to augment strategic procurement processes, announces an extension to its recent $5 million seed funding with an additional 7-digit ( € million) non-dilutive grant from Investitionsbank Berlin and the European Regional Development Fund (ERDF).

This highly competitive grant, 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, underlining the strong momentum and confidence in akirolabs' vision for AI-driven strategic procurement transformation..

The jury was notably impressed by akirolabs' vision and the development of akiroAssist, their proprietary and leading expert LLM for strategic procurement, which enhances their category management software. This innovative use of technology played a crucial role in securing the grant, highlighting the company's distinctive position in the ProcureTech landscape.

akirolabs is developing what they call the "Penrose Triangle of ProcureTech" - an impossibly replicable masterpiece that combines three key elements:

• Unique Procurement Domain Expertise
• Revolutionary and Highly Innovative Procurement Methodology
• Cutting-edge AI Engine Leveraging Large Language Models (LLM), Retrieval-Augmented Generation (RAG), and Ontology

This funding will be strategically utilized to further advance the software's AI/LLM capabilities, solidify akirolabs' position as the AI-first ProcureTech B2B SaaS company, and accelerate product development and team expansion.

This funding will be strategically utilized to further advance the software's AI/LLM capabilities, solidify akirolabs' position as the AI-first ProcureTech SaaS company, and accelerate the development of akiroAssist – the leading LLM for strategic procurement.

Michael Pleuger, CEO of akirolabs, stated, "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" added Pleuger.

Industry expert Elouise Epstein, KEARNEY Partner and best-selling author on Digital Procurement has previously lauded 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."

About akirolabs:

akirolabs, founded in 2021 by Michael Pleuger, Detlef Schultz, Christoph Flöthmann, and Tim Ergenzinger, develops and provides an AI-powered SaaS platform for collaborative strategic procurement. akirolabs is based upon a world-class and industry-proven strategic procurement process, methodology, and toolkit, embedded into an intuitive cross-functional collaboration workflow and enriched with all relevant internal and external business insight. akirolabs' unique approach delivers "Procurement Strategies with Value & Purpose" and a significantly broader and 4-5 times higher value contribution than traditional sourcing solutions.

Press Contact:
Tim Ergenzinger
akirolabs GmbH
Greifswalder Str. 208
10405 Berlin 
[email protected]
Tel: +49 30 754 384 66

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