AutogenAI raises $39.5m Series B co-led by Salesforce Ventures and Spark Capital
AutogenAI, an enterprise-level artificial intelligence company, has announced it has closed a $39.5 million (£31.38 million) Series B, co-led by Salesforce Ventures and Spark Capital, with participation from Blossom Capital, the funding will enable AutogenAI to further develop its bid-writing product suite helping businesses more efficiently win more work.
This marks the company’s second fundraise in four months, bringing total investments in AutogenAI to $65.3 million (£51.875 million).
“The investment in AutogenAI by Salesforce Ventures highlights our conviction that AutogenAI’s software is a game-changer for enterprises that secure business via tendering and drafting proposals,” said Nowi Kallen, Managing Director, Salesforce Ventures. “The entire landscape is being transformed by generative AI, and the revolutionary way AutogenAI employs this technology to assist companies to secure more business is groundbreaking.”
Global Customers Validate AutogenAI Platform
AutogenAI works with Fortune 500 companies, international government agencies, management consultancies, construction companies as well as charities and nonprofits applying for grant funding, to revolutionize the time-consuming and highly sensitive bidding process. This latest fundraise comes as AutogenAI continues to experience unprecedented company growth, having recently expanded to the US and Australia, appointing Elizabeth Lukas and Emma Crichton as CEOs, respectively. With over 100 global employees, AutogenAI has helped businesses achieve a 30% uplift in win rates – over $100 million (£79.45 million) of additional work – and cut associated costs by up to 85%.
“The bids and proposals industry is fast-paced and win decisions can be made on the smallest of margins. Having implemented AutogenAI, it is clear that this is a game changer – significantly increasing the productivity of bid teams,” said Debbie Brockbank, Interim Growth Director at Hinduja Global Solutions, the global multi-billion dollar services group. “The quality of the complete finished bid is more consistent and cohesive. The speed to get to the first cut is transformed. Contributors can get access to information quickly and communication in the organization is improved.”
AutogenAI Launches New Tool to Address Increased Privacy Regulations
Data security is among the biggest barriers to entry for enterprises adopting Artificial Intelligence. AutogenAI has prioritized privacy and factual accuracy from its inception making it a trusted partner for businesses. The company’s latest feature, known as the Bowdleriser, removes confidential information from corporate documents, which allows for a wider distribution within a company, fundamentally changing the way knowledge is managed, retrieved, and reused. AutogenAI named the Bowdleriser after the 18th century physician, Thomas Bowdler, who published edited versions of Shakespeare’s plays, in which he took the liberty of removing all content that he deemed inappropriate or salacious.
“Companies know that they need to embrace AI to reduce costs and drive expansion. AutogenAI has invested in thousands of hours of research to develop the very best competitive writing tool in the world. We are trailblazers in the field of AI knowledge theory,” said Sean Williams, AutogenAI’s Founder and CEO. “Our distinct methodologies prioritize dependable source materials as the foundation of verifying information. Our customers are already winning more work through using our software. The return on investment in using our software is tangible and can be realized in a short span of time. Our platform serves as a launchpad for businesses looking to embrace and expand with generative AI. We have already delivered hundreds of millions of new business wins to our customers and this is only going to increase over time.”
