Bid Ops, a San Francisco, CA-based cloud platform for procurement automation, raised $1.75m in seed funding.
The round was led by Illuminate Ventures and Cervin Ventures, with participation from Correlation VC.
The company intends to use the funds to continue to expand operations.
Led by Edmund Zagorin, Founder and CEO, Bid Ops provides a cloud based procurement automation platform that automates vendor negotiations for enterprise and public procurement teams using artificial intelligence. AI creates a target price for each line item that accounts for value-based assessments of a vendor’s qualifications and likely performance on the contract. The system enables procurement executives to leverage these forecasts to compare and contrast bids, and obtain competitive pricing and commercial relationships with growth-oriented vendor partners.