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Akirolabs Secures 7-Figure Grant to Develop Leading LLM for Strategic Acquisitions, Building on Recent $5M Seed Round

Posted on by darion

Overview of the most important events:

  • akirolabs received a 7-digit non-dilutive public financing from the Investitionsbank Berlin and the European Regional Development Fund (ERDF).
  • The jury appreciated the Akirolabs company breakthrough innovation at ProcureTech and praised the progress made in integrating artificial intelligence into strategic public procurement.
  • The funds will be used to further develop akiroAssist, lLLM Expert in Strategic Purchasingenhancing Akirolabs’ AI capabilities and strengthening its position as an AI-first ProcureTech SaaS company.
  • This public funding comes after the company 5 million dollars seed round announcement in January this yearled by High-Tech Gründerfonds (HTGF), OTB Ventures and D11Z Ventures.

BERLIN, July 25, 2024 /PRNewswire/ — akirolabs, a BerlinProcureTech, a startup that enables businesses around the world to enhance their strategic purchasing processes, announces the expansion of its latest 5 million dollars seed funding in the form of an additional seven-figure (million euros) non-dilutive grant from Investitionsbank Berlin and the European Regional Development Fund (ERDF).

This highly competitive grant, awarded only to the best technology startups that are pushing the boundaries of innovation and technology, was awarded shortly after the company’s success 5 million dollars Seed funding round, underscoring the strong momentum and confidence in Akirolabs’ vision for AI-powered strategic procurement transformation.

The jury was particularly impressed by akirolabs’ vision and development of akiroAssist, their proprietary and leading LLM expert for strategic purchasing that enhances their category management software. This innovative use of technology played a key role in securing the grant, underlining the company’s unique positioning in the ProcureTech landscape.

akirolabs develops what it calls the “ProcureTech Penrose Triangle” – an un-reproducible masterpiece that combines three key elements:

  • Unique Purchasing Expertise
  • A revolutionary and highly innovative public procurement methodology
  • Modern AI engine using large language models (LLM), search-augmented generation (RAG) and ontology

The funds will be strategically used to further develop the software’s capabilities in artificial intelligence (AI) and learning law (LLM), strengthen Akirolabs’ position as an AI-first ProcureTech B2B SaaS company, and accelerate product development and team expansion.

The funds will be strategically used to further develop the software’s capabilities in artificial intelligence (AI) and copyright law (LLM), strengthen Akirolabs’ position as an AI-first ProcureTech SaaS company, and accelerate the development of AkiroAssist, a leading LLM program in strategic procurement.

Michael PleugerCEO of akirolabs, stated: “We are honored to receive this recognition and grant from IBB ProFIT and ERDF. This vote of confidence from IBB ProFIT and ERDF reinforces our commitment to pushing the boundaries of what is possible in public procurement.”

“We are excited about the journey ahead and deeply grateful for the support of our investors, customers and partners,” added Pleuger.

Industry expert Eloise EpsteinKEARNEY partner and bestselling author of online public procurement previously praised akirolabs: “What you have created is significant…I have no doubt that this is groundbreaking innovation. akirolabs is on track to eliminate much of category management as we know it today.”

About Akirolabs:

akirolabs, founded in 2021 by Michael Pleuger, Detlef SchultzChristoph Flöthmann and Tim Ergenzingerdevelops and delivers an AI-driven SaaS platform for strategic procurement collaboration. Akirolabs is built on an industry-proven strategic procurement process, methodology, and toolkit, embedded in an intuitive, cross-functional workflow and enriched with all relevant internal and external business information. Akirolabs’ unique approach delivers “Value and Purpose Procurement Strategies” and a much broader, 4-5x greater value contribution than traditional sourcing solutions.

Press contact:
Tim Ergenzinger
Akirolabs GmbH
Greifswalder Str. 208
10405 Berlin
[email protected]
Phone: +49 30 754 384 66

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