AutogenAI has raised £17.2 million to bring the power of large language models and generative artificial intelligence to procurement.
The London firm helps companies write bids and tenders for public sector and corporate contracts covering all industry verticals including consultancy, IT, health, transport and construction.
Founded 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.
The funding comes from European investor Blossom Capital.
£379bn is spent annually by the UK government and local authorities on procuring public services – equivalent to £1 in every £3 of public spending. There are 40 strategic suppliers to the UK government, undertaking more than £100m of contracted business a year and a further 3,000 businesses that contract more than £10m of annual work. Even smaller companies are spending in excess of £1m a year on bidding, including many charities and non-profits which often struggle to break into government contracts due to the prohibitive costs of competition.
Using AutogenAI in UK public sector procurement could cut costs by as much as 10%, the firm claims, releasing £37bn for frontline services.
AutogenAI has developed a system that uses the extraordinary capabilities of large language models, 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 says it 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%.
“We build language engines that help organisations to write bids, tenders and proposals more efficiently and more effectively,” said Williams. “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.”
In just six months, AutogenAI has won 28 clients, including a global management consultancy, global BPO organisations, quoted and private construction companies and facilities management businesses, as well as charities and non-profits applying for grant funding.
AutogenAI will use the funding from Blossom Capital to develop its technology further and accelerate the profitable growth of the business, including international expansion.
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.”