Cube RM, a Zurich, Switzerland-based AI tender management platform helping enterprises discover, bid for and win tenders globally, raised $8m in Series A funding.
The round was led by Runa Capital with the participation of the existing investor Marathon Venture Capital.
The company intends to use the funds to
- expand to other geographies and markets, including Manufacturing, Chemicals and Hi-Tech industries,
- accelerate on its product roadmap, working further on predictive pricing, AI/ML, automation for tendering, and global tender data coverage.
Led by Costas Economopoulos, and George Boretos, Cube RM provides an AI-driven platform for global tender management. The company helps large enterprises to manage, evaluate, and optimize tenders & sales quotes leveraging machine-learning, applied economics, and competitive intelligence. Cube RM is targeting pharmaceutical and medical equipment global companies for now and their product is used by companies like Boston Scientific ($BSX), Takeda ($TYO), Kemira($KEMIRA), Bavarian Nordic ($BAVA), and other Fortune 500 companies.
The company provides an automated solution to help companies navigate through the tendering process, targeting mainly pharmaceutical and medical equipment global companies, with plans to expand to other industries.
The platform also helps users:
- Discover new tenders from online portals globally
- Prioritize tenders using Natural Language Processing
- Forecast tenders to be published (anticipated tenders)
- Deliver tenders as opportunities in Salesforce.com
- Figure out the best price to win using Machine Learning models
- Facilitate bid preparation and submission
- Track tender winners and competitive info
Cube RM already works with tendering portals in multiple markets, including the EU, the US, LATAM and EMEA. It also has an ecosystem of global sales and integration partners, providing its customers with a global reach for sales and solution deployments. Cube RM is built on the Salesforce platform and is in the Salesforce AppExchange.
Its products are used by companies like Boston Scientific ($BSX), Takeda ($TYO), and Bavarian Nordic ($BAVA), and other Fortune 500 companies.
The company also maintains its engineering center in Athens, Greece.