London-based AutogenAI has successfully completed a major funding round, raising $22.3 million (£17.4 million). The company, headquartered in Kentish Town and founded in 2022, secured this support from Blossom, an investor based in Old Street, to enhance its contract procurement technology.
AutogenAI leverages artificial intelligence to assist major businesses in crafting bids and tenders for public sector and corporate contracts. Annually, the UK Government and local authorities spend over £370 billion on public services procurement, with bidding costs often representing up to 10% of a service’s total contract value.
The firm claims it can cut the time needed to draft a first procurement deal by 70%, improving strategic focus and potentially boosting success rates by 30%. This not only saves businesses money but also could save billions for taxpayers. Having already attracted 28 clients in its first six months, AutogenAI plans to further develop its technology and expand internationally with the newly acquired funds.
Words from those involved in the funding round:
“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.”
— Sean Williams, founder of AutogenAI
“It’s been quite a few years since we saw a London startup or founder that was quite so exciting as Sean and the team at AutogenAI. After launching only last year, AutogenAI has already become one of the fastest-growing generative AI companies in the UK.”
— Ophelia Brown, founder of Blossom Capital
Featured image: Credit: Autogen AI
