AutogenAI, a pioneering company based in London specializing in procurement software, has secured a notable £17m in funding from the esteemed venture capital firm, Blossom Capital.
The firm, which has 28 clients on its roster – spanning from global management consultancy firms, construction companies to charities – has created a unique platform that facilitates bid writing for procurement. This groundbreaking tool underscores the immense potential and efficiency of integrating artificial intelligence (AI) into key industry processes.
“Our technology augments human expertise by enhancing the power of bid writing teams,” explained AutogenAI founder and CEO Sean Williams. “This is a clear example of AI being used for public good, reducing the cost of bidding and freeing up taxpayers’ money for the delivery of services.”
Harnessing the power of generative AI technology, akin to what’s used in , AutogenAI is not merely transforming but revolutionizing the procurement process. The time required to prepare bids and tenders has been significantly reduced, benefiting a wide range of organizations, and providing each user with their own “custom-made language engines”.
Blossom Capital Backs AutoGenAI
The global bid writing industry is worth an estimated $500bn. In the UK alone, government spending on suppliers reaches a colossal £370bn annually. With the backing of Blossom Capital, AutogenAI is well-positioned to make a sizeable impact on this massive market.
Ophelia Brown, founder of Blossom Capital, praised the procurement software company’s swift growth, stating,
“After launching only last year, AutogenAI has already become one of the fastest-growing generative AI companies in the UK, thanks to its unique focus on transforming the $0.5tn global tendering market.”
The new capital is expected to facilitate AutogenAI’s ambitious expansion into new territories. Blossom Capital has previously invested in successful ventures such as Checkout.com, grocery delivery service Dija, and forensic data software company Cado. Their track record indicates a propensity for investing in high-growth potential startups, and AutogenAI fits this pattern.
A Bright Future Looms for AutogenAI
This development reiterates the transformative potential of AI and the confidence investors have in its applications. It will be intriguing to see how AutogenAI continues to shape the global tendering market and redefine what’s possible in the field of procurement.
We invite our readers to share their thoughts on this development. How do you think the integration of AI in the tendering process will shape the future of procurement? Please leave your comments below.
