Reportedly, £379 billion is spent annually by the UK Government and local authorities on procuring public services, which is equivalent to one in every £3 of public spending. Even smaller companies are spending in excess of £1 million a year on bidding. The total market for tendering is estimated to be worth half a trillion dollars, including private-sector procurement.
Using technology to make the process more efficient can result in big savings – bidding costs can easily account for 10% of the total contract value of a service. Based out of London, AutogenAI’s software reduces the time and cost to compete for these contracts for suppliers and the public purse.
Secures $22.3M funding
Now, the London startup has raised $22.3 million from leading European investor, Blossom Capital (which has backed api.video and Chattermill), bringing the power of large language models and generative artificial intelligence to the world of procurement and tender writing.
Sean Williams, Founder of AutogenAI, said: “We build language engines that help organisations to write bids, tenders and proposals more efficiently and more effectively. Our technology augments human expertise by enhancing the power of bid writing teams. 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. We’re looking forward to working closely with Blossom Capital to build on the progress we’ve achieved so far.”
Ophelia Brown, founder of Blossom Capital, said: “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. We’re excited to partner with the team and support them on their growth journey.”
Transforms tender writing with Gen AI
AutogenAI was founded in 2022 in London by Sean Williams who started his career as a bid writer before going on to leading roles with some of the biggest suppliers of Government services. AutogenAI has hired specialists in procurement, bid writing and machine learning and was the first company in the UK to create and hire for the role of prompt engineer.
AutogenAI has developed a system that uses the extraordinary capabilities of large language models (LLMs), integrating them with an organisation’s existing data. Designed to tackle the difficulties of safety, accuracy, and convenience that arise when using LLMs, AutogenAI’s platform is tailored to the problems experienced by bid writing teams. Custom-made Language Engines are built for each customer, allowing them to generate content that is backed up by publicly and privately available facts and data.
Within months of launch, AutogenAI has revolutionised the bid-writing process, reducing the time taken to write a first draft by 70%. This allows bidders to focus their energy on the strategic aspects of their bids, increasing success rates by up to 30%.
