May 24, 2024
Automated proposal writing startup AutogenAI raises $39.5M


Are you ready to bring more awareness to your brand? Consider becoming a sponsor for The AI Impact Tour. Learn more about the opportunities here.


Writing proposals to satisfy requests-for-proposals (RFPs) and win funding can be a slog, even for those organizations with experience doing it — as it typically involves a mix of providing tedious, repetitive but highly specific information in many different form fields, all while hewing to very stringent requirements. But getting it right is everything for the organizations submitting proposals, as it’s the difference between winning a vital contract or losing one.

Now, the UK-based startup AutogenAI believes this process can be heavily automated, with human supervision, and investors seem to agree.

Fresh off its expansion in the U.S. that VentureBeat covered in October, AutogenAI earlier today announced it has raised a $39.5 million Series B funding round co-led by heavy hitters including Salesforce Ventures and Spark Capital, with contributions from Blossom Capital. That brings AutogenAI’s total investment to-date to $65.3 million.

The company has no direct connection or relation to Microsoft’s AutoGen, an AI agent framework.

VB Event

The AI Impact Tour

Connect with the enterprise AI community at VentureBeat’s AI Impact Tour coming to a city near you!

 


Learn More

A strong foundation based in experience

Founded by serial entrepreneur and CEO Sean Williams, who began his journey as a bid writer, AutogenAI has rapidly evolved into one of the fastest-growing generative AI companies in the UK.

Now, it is making significant strides globally, with its expansion into the U.S. and Australia, spearheaded by appointed CEOs Elizabeth Lukas and Emma Crichton, respectively.

The core of AutogenAI’s offering lies in its advanced bid-writing product suite. This suite is designed to revolutionize the way organizations, ranging from Fortune 500 companies to charities and nonprofits, approach the highly sensitive and time-consuming bidding process. By harnessing cutting-edge AI technology, AutogenAI enables these organizations to craft bids, tenders, and proposals more efficiently and compellingly.

What sets AutogenAI apart is the tangible impact of its software on business outcomes. According to the company’s data, clients have experienced a remarkable 30% uplift in win rates, translating to over $100 million in additional work, while simultaneously cutting associated costs by up to 85%.

Nowi Kallen, Managing Director at Salesforce Ventures, lauded the software, stating in a press release: “The investment in AutogenAI by Salesforce Ventures highlights our conviction that AutogenAI’s software is a game-changer for enterprises that secure business via tendering and drafting proposals. The entire landscape is being transformed by generative AI, and the revolutionary way AutogenAI employs this technology to assist companies to secure more business is groundbreaking.”

This sentiment was echoed by Debbie Brockbank, Interim Growth Director at Hinduja Global Solutions, who described AutogenAI’s impact as significantly boosting the productivity of bid teams.

“The quality of the complete finished bid is more consistent and cohesive,” Brockbank said in a press release. “The speed to get to the first cut is transformed. Contributors can get access to information quickly and communication in the organization is improved.”

In response to increasing concerns around data security in AI adoption, AutogenAI has prioritized privacy and factual accuracy from its inception.

The company’s latest innovation, Bowdleriser, removes confidential information from corporate documents to retain privacy and security, while providing externally shareable copies.

Tangible return-on-investment (ROI)

Williams expressed confidence in the distinct methodologies of AutogenAI, emphasizing the company’s commitment to dependable source materials as the foundation of verifying information.

He noted the tangible return on investment that clients realize in a short time, leveraging the platform as a launchpad for embracing and expanding with generative AI.

As AutogenAI continues its upward trajectory, it stands to reason that its technology may soon among the standard toolkits of bid teams in the UK, US, Australia…and maybe someday soon, beyond.

VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.



Source link