AutogenAI has secured $21 million in Series A funding to further develop our ground-breaking AI-powered bid and proposal writing software.
For centuries, bid writing has played a crucial role in business-to-business and business-to-government procurement. With the UK Government spending around £300 billion, or one-third of all public expenditure on procured goods and services, successful bid writing can offer organisations of all sizes incredible potential for growth. But the cost of bidding is high, with some companies spending upwards of £100million per year on bidding. Even smaller companies are spending in excess of £1m a year on bidding, including many charities and non-profits. The cost, coupled with the high level of competition, can pose significant challenges for businesses of all sizes to secure private and public sector contracts.
At AutogenAI, we know the financial and time challenges that creating winning bids presents. Our mission is to revolutionise this process. Our leadership team, made up of experienced professionals like Founder Sean Williams, who started his career as a bid writer before moving on to leading roles with major Government services suppliers; Raj Khaira, Co-Founder and COO; Tricia Blatherwick, CCO, who has directed strategic sales teams at some of the world’s largest BPO and ITO companies; and Daniel Whitson, our Chief Technology Officer, are well-equipped to drive this transformation.
AutogenAI has spent tens of thousands of hours engineering a system that harnesses the impressive capabilities of large language models (LLMs), integrating them with an organisation’s existing data. Our platform, designed to mitigate the challenges of safety, accuracy, and convenience linked to LLM usage, is specifically tailored to address the issues bid writing teams encounter.
AutogenAI’s technology has revolutionised the bid-writing process, reducing the time needed to write a first draft by 70%. This frees writers up to spend more time on the more strategic aspects of the bids, resulting in success rate increases of over 30%.
By deploying our innovative platform, we strive to democratise the bid-writing landscape, facilitating better participation from businesses of all sizes in public and private sector procurement, without the constraints of prohibitive costs. We believe that every organisation should have the opportunity to thrive in this dynamic market, and this significant investment stands as a testament to the transformative impact our technology is already delivering for our clients globally.
At AutogenAI, it is our firm conviction that AI augments human ingenuity, driving growth for businesses. We empower organisations with cutting-edge tools that enhance creativity and productivity, revolutionising how they approach business-critical, high-stakes writing.
Numerous global companies have already embraced AutogenAI, leveraging their capabilities to secure a competitive advantage in their markets. With this fresh funding, we will enhance our technology yet further and widen its adoption. Our mission is to help organisations of all sizes, and from all sectors, to grow more efficiently and more effectively through the deployment of our enterprise-level generative AI software.