Procurement Sciences AI, a Washington, DC-based provider of a bidding-intelligence platform for government contractors, raised $10M in Series A funding.
The round was led by Battery Ventures, with participation from Tower Research Capital and K Street Capital and Blu Ventures. Brandon Gleklen from Battery Ventures and Jared Young from Tower Research will join the Procurement Sciences board of directors.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO and Founder Christian Ferreira, Procurement Sciences AI (“PSci.AI”) develops workflow automation software that uses artificial intelligence to help government contractors to search for bids and create proposals more effectively. The company has developed a suite of generative AI-powered automation tools designed to streamline the entire procurement workflow of business development and proposal teams, from bid discovery through proposal writing to compliance review. By directly integrating with customer data in SharePoint, Google Drive, and other common data sources, Procurement Sciences’ tools reduce the time spent on various bidding-related tasks.
The company’s current customers include several of the top 20 largest defense and aerospace companies, as well as over one hundred small and medium-sized businesses across every sector that sells to the government.
Commenting on the news, Christian Ferreira said: “Government procurement is notably competitive and often seems out of reach for many small to medium-sized businesses that lack the necessary expertise and time to identify suitable bids, let alone prepare a compelling proposal. With our AI-powered tools, government contractors can now reallocate their time and energy towards more effectively delivering goods and services.”
FinSMEs
09/04/2024