Source: Businesswire
Procurement Sciences AI (“PSci.AI”), the next-generation bidding-intelligence platform for government contractors, today announced that it has raised $10M in Series A funding. The round was led by global, technology-focused investment firm Battery Ventures, with follow-on investment from Tower Research Capital and new funding from K Street Capital and Blu Ventures. Brandon Gleklen from Battery Ventures and Jared Young from Tower Research will join the Procurement Sciences board of directors.
Opportunities in government procurement are vast — approximately 10% of the U.S. federal government’s $6.5 trillion annual budget is allocated for procurement, representing $665B in annual spending for goods and services across every industry sector. However, the administrative burden of uncovering, evaluating and responding to public RFPs is unmanageable for many businesses, even as the number of available contracts increases, which puts small businesses at a considerable disadvantage. But even large organizations with experienced procurement teams are forced to spend considerable time and effort parsing and responding to bid opportunities, reducing capacity to deliver on existing contracts.
Veteran-founded Procurement Sciences has developed a suite of generative AI-powered automation tools designed to streamline the entire procurement workflow of business development and proposal teams, from bid discovery through proposal writing to compliance review. By directly integrating with historical customer data in SharePoint, Google Drive, and other common data sources, Procurement Sciences’ tools significantly reduce the time spent on various bidding-related tasks by more than 90% and tackle the biggest bottlenecks teams face, thereby acting as a powerful force multiplier for growth.
The company’s current customers include several of the top 20 largest defense and aerospace companies, as well as over one hundred small and medium-sized businesses across every sector that sells to the government. Recognizing the importance of promoting equity in government procurement — and in making AI affordable and accessible to companies of all sizes and types aiming to sell to the government — the company offers significantly discounted rates for businesses owned by veterans, women, and minorities, as well as for non-profit organizations.
“We launched Procurement Sciences with the mission of addressing the industry’s biggest pain points by adopting a generative AI-first approach,” stated Christian Ferreira, founder and CEO of Procurement Sciences AI. “As former government contractors ourselves, we deeply understood the challenges faced in this field. By leveraging generative AI — a technology that leapfrogs traditional software solutions — we’ve been able to rapidly transform the industry and introduce unprecedented efficiency gains.”
Ferreira added: “Government procurement is notably competitive and often seems out of reach for many small to medium-sized businesses that lack the necessary expertise and time to identify suitable bids, let alone prepare a compelling proposal. With our AI-powered tools, government contractors can now reallocate their time and energy towards more effectively delivering goods and services.”
Read the full article: https://www.businesswire.com/news/home/20240409778651/en/Procurement-Sciences-AI-Raises-10M-in-Series-A-Funding-to-Revolutionize-the-Government-Contracting-Business-Development-Process
