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Writing proposals for requests-for-proposals (RFPs) to secure funding can be a tedious and repetitive task, even for seasoned organizations. This process requires inputting detailed and specific information into numerous form fields, all while adhering to strict requirements. Getting this right is crucial, as it can mean the difference between winning and losing vital contracts.
AutogenAI, a UK-based startup, believes it can significantly automate this process with human oversight, and investors seem to agree. Following its U.S. expansion, as reported by VentureBeat in October, AutogenAI recently announced a $39.5 million Series B funding round. This round was co-led by major players including Salesforce Ventures and Spark Capital, with contributions from Blossom Capital, bringing AutogenAI’s total investment to $65.3 million.
It’s important to note that AutogenAI is not affiliated with Microsoft’s AutoGen AI agent framework.
A firm foundation built on experience
Founded by serial entrepreneur and CEO Sean Williams, who started as a bid writer, AutogenAI has quickly emerged as a leading generative AI company in the UK. The company is now making significant global progress with expansions into the U.S. and Australia, led by CEOs Elizabeth Lukas and Emma Crichton, respectively.
AutogenAI’s main offering is an advanced bid-writing product suite designed to transform how organizations, from Fortune 500 companies to non-profits and charities, manage the complex and time-consuming bidding process. Utilizing advanced AI technology, AutogenAI allows these organizations to create bids, tenders, and proposals more efficiently and effectively.
The impact of AutogenAI’s software on business outcomes is substantial. Company data shows that clients have seen a 30% increase in win rates, translating to over $100 million in additional business, all while reducing related costs by up to 85%.
Nowi Kallen, Managing Director at Salesforce Ventures, praised the software, emphasizing that AutogenAI’s technology is a game-changer for enterprises that secure business through tendering and proposal drafting. This transformative use of generative AI is innovative in assisting companies to secure more business.
Debbie Brockbank, Interim Growth Director at Hinduja Global Solutions, also highlighted AutogenAI’s impact, noting significant boosts in bid team productivity, improved consistency and cohesiveness of finished bids, faster initial draft creation, quick access to information, and enhanced internal communication.
Addressing data security concerns
In light of growing concerns about data security in AI adoption, AutogenAI has prioritized privacy and factual accuracy from the beginning. Its latest innovation, Bowdleriser, removes confidential information from corporate documents to ensure privacy and security while providing externally shareable copies.
Tangible ROI
Sean Williams emphasized AutogenAI’s commitment to reliable source materials as the foundation for verifying information. He pointed out the substantial return on investment that clients experience shortly after using the platform, which serves as a launchpad for further embracing and expanding their use of generative AI.
As AutogenAI continues its growth, its technology has the potential to become a standard tool for bid teams in the UK, U.S., Australia, and possibly beyond in the near future.