AutogenAI, a London-based startup, has harnessed the power of generative AI to revolutionise the way businesses create compelling proposals. The innovative tool, designed to enhance the success rate of pitches, has recently attracted substantial funding of $22.3 million from Blossom Capital. With this capital infusion, AutogenAI aims to expand its team, enhance its platform, and broaden its customer base.
The significant investment values AutogenAI at "hundreds of millions," according to insider sources, a remarkable feat for a startup that previously raised $3.5 million. Testament to its swift progress, AutogenAI has already amassed 28 clients in less than a year since its inception.
However, the company's customers remain tight-lipped about the AI-powered solution, preferring to keep their competitive edge under wraps. Sean Williams, AutogenAI's founder and CEO, acknowledged this reluctance, attributing it to the lingering belief that utilizing AI might compromise the quality of their work. As a result, AutogenAI refrains from disclosing any customer names, emphasising the confidentiality of their relationships.
Williams' background includes extensive experience with prominent private firms vying for government contracts in the UK, a colossal market worth nearly $500 billion annually. Winning these lucrative tenders relied not only on expertise and content curation but also on substantial financial resources. AutogenAI aims to address both of these crucial aspects.
The platform is built on a combination of large language models (LLMs) from OpenAI and other sources, along with a client's proprietary structured and unstructured data. AutogenAI's custom interface empowers users to extract information and create pitches based on their company's most successful past work. These draft pitches are then fine-tuned and customised by the client's team before being submitted for contracts.
While other language model companies focus on superintelligence (AGI), Williams stressed that AutogenAI's main objective is to help clients secure more contracts and operate more efficiently. He estimated that the platform's software could expedite the pitch writing process by an astonishing 800%.
Furthermore, AutogenAI's offering presents significant cost savings for businesses engaged in the traditional bid preparation process. Williams believes that approximately 10% of a contract's total value is consumed by procurement expenses, which AutogenAI can reduce by about 10%. By slashing the time needed for initial bid drafts by 70%, the platform allows bid teams to concentrate on strategic enhancements.
Blossom Capital's founder, Ophelia Brown, praised the practicality of AutogenAI's application, predicting a wide range of businesses would find value in the platform. The ability to demonstrate a clear return on investment appeals to companies seeking time and workforce optimisation. While Blossom Capital has yet to utilise AutogenAI, its interest in the startup stems from its compelling growth in just nine months of operation. Brown indicated the firm's intent to adopt the technology in its next fundraising round.