ORO Labs develops a smart workflow orchestration platform for procurement. It offers a no-code platform designed to streamline the procurement process for businesses including invoicing, supplier onboarding, supplier bank validation, and risk management. ORO Labs launched its product in November 2021 and offers the service on a software-as-a-service (SaaS) basis. The company has employees in the US, Europe, and India.
Key customers and partnerships
ORO Labs’ customers include companies such as Optimizely and Iovance Biotherapeutics. The company was reportedly working with several Fortune 200 companies, as of November 2023.
The company also integrated its platform with multiple SAP products, including SAP Ariba procure-to-pay solution in November 2023, to enable clients to manage spending and supplier relationships across various enterprise systems.
Funding and financials
The company reported over 400% growth in its customer base YoY in November 2023 and generated an annual recurring revenue of between USD 1 million and USD 10 million at the time.
In November 2023, ORO Labs raised USD 34 million in a Series B funding round led by Felicis to accelerate the international outreach and expansion of its platform.
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