AutogenAI, headquartered in London, specializes in providing natural language processing solutions that enable companies to craft compelling draft bids, proposals, and tenders within minutes. The company announced the successful completion of a fresh funding round, securing $22.3 million (approximately €20 million).
AutogenAI’s cutting-edge software delivers significant cost savings to businesses and governments by minimizing bidding expenses. These cost reductions create opportunities for reinvestment in frontline services, ultimately benefiting society as a whole.
Within a short span of six months, AutogenAI has successfully onboarded 28 clients, spanning global management consultancies to non-profit organizations. With the recent funding infusion, the company is poised to further enhance its technology and embark on an international expansion journey.
About the Investor
Blossom Capital, Europe’s largest dedicated Series A fund based in the UK, made the investment in AutogenAI. The venture capital firm utilizes its local expertise and global network to provide founders in diverse sectors, such as consumer internet, cybersecurity, developer tools and open source, enterprise SaaS, and marketplaces, with a competitive edge.
Ophelia Brown, Founder of Blossom Capital, expressed enthusiasm for AutogenAI, stating, “It’s been quite a few years since we saw a London startup or founder that was as exciting as Sean and the team at AutogenAI.”
Despite launching just last year, AutogenAI has rapidly emerged as one of the fastest-growing generative AI companies in the UK, focusing on transforming the $0.5 trillion global tendering market. Brown further emphasized their excitement to partner with the AutogenAI team and support them on their journey of growth.
Among Blossom Capital’s other notable investments are Checkout.com, Moonpay, Pigment, Tines, and several others.
Established in 2022 by Sean Williams, a former bid writer with Government services expertise, AutogenAI harnesses generative AI to assist leading companies in crafting bids and tenders for public sector and corporate contracts across diverse industries, including consultancy, IT, health, transport, and construction.
The company emphasizes that bid writing has been a crucial aspect of B2B and business-to-government procurement for decades. With the UK Government and local councils spending £379 billion annually on acquiring public services, this constitutes one-third of all public expenditures.
Notably, there are 40 Strategic Suppliers to the UK government conducting over £100 million in contracted business each year, alongside 3,000 other firms handling more than £10 million in yearly work. Even small businesses, including charities and non-profits, expend over £1 million annually on bidding.
Considering private-sector procurement, the total tendering market is estimated to be valued at half a trillion dollars. However, incorporating technology to streamline the process can lead to substantial savings, as bidding fees often amount to 10 percent of the overall contract value of a service, as highlighted by AutogenAI.
Incorporating the startup in UK public sector procurement has the potential to save up to 10 percent of expenses, liberating around £37 billion for frontline services, slightly surpassing the UK’s yearly defense budget of £33 billion.
AutogenAI boasts a team of specialists proficient in procurement, bid writing, and machine learning.
Practical Applications and Advantages of Generative AI
AutogenAI harnesses the capabilities of large language models (LLMs) and tailor-made Language Engines to empower bid writing teams in generating content supported by publicly and privately available data.
In a remarkably short period since its inception, AutogenAI has revolutionized the bid-writing process, reducing the time required to create an initial draft by an impressive 70 percent. This time-saving enhancement enables bidders to focus on the strategic aspects of their proposals, resulting in an improved success rate of up to 30 percent.
Sean Williams explains, “We develop language engines that enable organizations to compose bids, tenders, and proposals more efficiently and effectively. Our technology complements human expertise by enhancing the capabilities of bid writing teams.”
Williams emphasizes that this is a prime example of AI being harnessed for the greater public good, as it reduces the cost of bidding and allocates more of taxpayers’ money to the delivery of essential services. AutogenAI is eager to collaborate closely with Blossom Capital to build upon the progress they have achieved thus far.