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AutogenAI gets £17m backing from Blossom Capital

AutogenAI Image credit: AutogenAI

London headquartered procurement software company AutogenAI has received $22.3m (£17.2m) from venture capital firm Blossom Capital.

The company says it has 28 customers on the books – ranging from a global management consultancy firm to construction firms to charities – to write bids for procurement.

“Our technology augments human expertise by enhancing the power of bid writing teams,” said AutogenAI founder and CEO Sean Williams. “This is a clear example of AI being used for public good, reducing the cost of bidding and freeing up taxpayers’ money for the delivery of services.”

AutogenAI’s bid writing software uses generative AI, the technology behind ChatGPT, to reduce the time taken by organisations to craft bids and tenders.

Every user has their own “custom-made language engines”.

The startup says the global bid writing industry is worth approximately $500bn, with the country’s government spending £370bn annually on its own suppliers.

Williams has a close understanding of procurement from time in government services roles, such as a managing director for the security firm G4S.

Ophelia Brown, founder of Blossom Capital, said: “After launching only last year, AutogenAI has already become one of the fastest-growing generative AI companies in the UK, thanks to its unique focus on transforming the $0.5tn global tendering market.”

AutogenAI is now looking to expand into new countries with the injection of capital.

Blossom Capital in the past has invested in Checkout.com, grocery delivery service Dija (bought by GoPuff) and forensic data software company Cado.