Zluri, a Business-to-Business (B2B) software service management platform, has successfully raised $20 million in its Series B funding round led by Lightspeed Venture Partners. This funding comes at a time when venture capital firms have become more cautious due to macroeconomic pressures.
Existing investors, including MassMutual Ventures, Endiya Partners, and Kalaari Capital, also participated in the funding round. With this latest investment, Zluri has raised a total of $32 million in venture funding since 2020.
The company plans to utilize the funds to enhance its generative artificial intelligence (AI) capabilities within enterprise SaaSOps (SaaS Operations). Zluri’s new product, called CoPilot, an intelligent assistant leveraging no-code workflows, aims to boost efficiency and productivity across enterprises.
Ritish Reddy, co-founder of Zluri, explained that they started with core capabilities of a SaaS management platform, such as discovery, management, automation, and security of applications. With the new investment, Zluri will focus on automating access audits, a feature included in their new identity governance tool. This tool will streamline on/off-boarding and access request management processes.
Zluri generates 60% of its revenue from the US market and intends to further expand its presence in the US and the UK. The company plans to allocate a significant portion of the investment towards expanding its go-to-market (GTM) teams in these regions.
Founded in 2020 by Ritish Reddy Puttaparthi, Sethu Meenakshisundaram, and Chaithanya Yambari, Zluri assists IT teams in discovering, managing, securing, and complying with multiple SaaS applications through a single dashboard. The platform helps users manage software application contracts and renewals, while also optimizing spending and maximizing ROI through data analysis and negotiation.
Since their Series A funding round in January 2022, Zluri has doubled its team size and expanded into the US market, including the establishment of an office in California. With the latest funding, the company plans to hire more employees, particularly in roles related to product marketing, sales, data engineering, and R&D.
In previous funding rounds, Zluri raised its Series A round in January 2022 led by MassMutual Ventures, with participation from existing investors Endiya Partners and Kalaari Capital. It had also secured $2 million in seed funding from Endiya Partners and Kalaari Capital in January 2021.
Zluri aims to achieve a 5X revenue growth and intends to introduce new products in the SaaS management and identity governance administration space. Despite the overall economic slowdown, Zluri remains optimistic about its growth prospects and looks forward to capitalizing on the market opportunities in the software service management industry.