Just over a year since its founding, London-based AutogenAI has raised $22.3 million via Blossom Capital as it continues to develop its large language models technology. The fledgling company is specifically targeting the writing of bids and tenders for multi-million-pound contracts in the private and public sectors.
For as long as businesses have been doing business with other businesses, or in particular, governments, the bid writing process has been involved. In fact, the origins of the assassination of Julius Caesar are rumoured to have stemmed from a poorly written tender.
I jest of course (a group of senators conspired to assassinate Julius Caesar, concerned that his concentration of power was undermining the Republic), but the practice is as old as trade and government themselves. As is oft found with traditional processes, they have a habit of staying that way - traditional, be they superfluous, time-consuming, and/or profligate.
Take for example the £379 billion spent annually by the UK Government and local authorities on procuring public services. This figure amounts to £1 in every £3 of public spending.
But it’s not just governments that are shelling out exorbitant amounts just to enter the race, with many smaller companies spending in excess of £1 million a year just on bidding, including a number of charities and non-profits that struggle to break into government contracts due to the high costs of competition.
Where Autogen AI steps into the picture is in its development of a system the leverages the capabilities of large language models, integrating them into organisations existing data, thereby outputting text in a manner reflective of the company’s voice, culture, and corporate knowledge.
“Our technology augments human expertise by enhancing the power of bid writing teams,” says AutogenAI founder 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.”
AutogenAI's 43-member team has garnered 28 clients in the last six months alone, and according to the company their solutions account for a 70% reduction in drafting time, a 50% reduction in bid writing costs, a 30% increase in win rate, and a 70% increase in ROI.
On the investment, Blossom Capital founder Ophelia Brown commented, “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, thanks to its unique focus on transforming the $0.5 trillion global tendering market.”