AutogenAI<\/a> has built a tool based on generative AI that it claims can help businesses write stronger pitches to improve that strike rate, and it has won some money of its own: $22.3 million from Blossom Capital, which it is using to hire more talent, expand its platform and grow its customer base.<\/p>\nThe investment values AutogenAI in the region of \u201chundreds of millions,\u201d we understand from a source. It previously raised some $3.5 million.<\/p>\n
As a measure of AutogenAI\u2019s success, it\u2019s managed to pick up 28 clients since it first opened for business less than a year ago.<\/p>\n
And as a measure of just how guarded those customers are about the secret sauce they\u2019re using to win their deals, and maybe the taboo that exists around using AI tools to replace or augment human work, AutogenAI is not disclosing a single actual customer name.<\/p>\n
\u201cThere is still a feeling among customers that using AI would somehow detract from the quality of the work,\u201d Sean Williams, the founder and CEO, said in an interview, explaining why no names are being disclosed.<\/p>\n
(AutogenAI does note that the list includes \u201ca global management consultancy, global BPO organisations, quoted and private construction companies and facilities management businesses, as well as charities and non-profits applying for grant funding.\u201d)<\/p>\n
Williams cut his teeth on years of working for some of the biggest private firms bidding to provide services to the U.K. government, an enormous business that collectively is worth nearly $500 billion annually. Being successful in those tenders was a matter of experience, understanding not just what content to include and how to present it. But it was also a matter of budget: those with the funds to invest in building strong bids regularly had a stronger chance of winning deals, and those deals can be as<\/p>\n
AutogenAI\u2019s aim is to address both of these areas.<\/p>\n
Williams said that the platform is built on an amalgamation of large language models \u2014 it uses LLMs from OpenAI and others, he said \u2014 combined with a client\u2019s structured and unstructured proprietary data, and an interface developed by AutogenAI itself to help users query information and create pitches that in turn are based on a company\u2019s most successful past work. These are then presented to the client\u2019s team, which further tailors them \u2014 or potentially rejects them \u2014 before they are submitted to pitch for a contract.<\/p>\n
In theory, one could ask ChatGPT to build a business pitch, but Williams response is that AutogenAI\u2019s versions will be considerably more specific and thus ultimately more useful to its users.<\/p>\n
\u201cCompanies like OpenAI are focused on AGI, super intelligence,\u201d he said. \u201cWe\u2019ve got a much smaller problem: we just want to help our customers win more work and work more effectively.\u201d He estimated that AutogenAI\u2019s software could speed up the process of writing a strong pitch \u201cby 800%.\u201d<\/p>\n
That 800% speaks to the second area of winning bids, which is the required budget outlay. Williams estimates that some 10% of a total contract value can be eaten up by the cost of putting a bid together in the traditional way. His claim is that by using its tools it cuts down procurement costs by some 10%, improving the margins on those deals overall, with the time taken to write the first drafts of bids cut down by 70% and helping those working on bids to focus more on strategic additions.<\/p>\n
Ophelia Brown, the founder of Blossom Capital, said that the firm was not yet using AutogenAI itself but that it planned to when it next raised funds itself. Its interest in the startup stemmed from the fact that while startups building LLMs are getting a lot of attention right now, those building applications like AutogenAI are closer to where a wider range businesses might make purchasing decisions.<\/p>\n
\u201cWhere this gets\u00a0interesting is when you can see clear ROI on the spend for the product,\u201d she said. \u201cCompanies are willing to pay for something that can help them save time and headcount.\u201d That\u2019s been proven out, she added, through its growth in its first nine months of business.<\/p>\n<\/p><\/div>\n
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