AutogenAI has become the latest London-based artificial intelligence firm to complete a major funding round after it raised $22.3 million (£17.4 million) just months after its launch.
The Kentish Town-based business, set up in 2022, has attracted the support of Old Street-based investor Blossom to enhance its contract procurement technology.
AutogenAI uses artificial intelligence to help help major businesses write bids and tenders for public sector and corporate contracts.
More than £370 billion is spent annually by the UK Government and local authorities on procuring public services – equivalent to one in every £3 of public spending. Bidding costs can easily account for 10% of the total contract value of a service.
AutogenAI says it can reducing the time taken to write a first draft for a procurement deal by 70%, allowing bidders to focus on the strategic aspects of their bids and increase success rates by up to 30%, saving businesses money as well as saving the taxpayer billions of pounds.
The firm, which has already won 28 clients in its first six months of trading, plans to use the new cash to develop its technology further and expand internationally.
AutogenAI founder Sean Williams said: 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.”
Ophelia Brown, founder of Blossom Capital, said: “It’s been quite a few years since we saw a London startup or founder that was quite so exciting as Sean and the team at AutogenAI. After launching only last year, AutogenAI has already become one of the fastest-growing generative AI companies in the UK.”
Blossom Capital is Europe’s largest dedicated Series A fund, with previous investments including Checkout.com and Moonpay.
