As Bloomberg reports, we’ve just raised $20 million to accelerate the machine buying megatrend in procurement: https://lnkd.in/dBYNuN4w
Thank you to deep-tech specialists Karma Ventures, who led our Series B investment, joined by existing investors Maersk Growth, 3VC, Atomico, and Project A, as well as Superangel and PortfoLion Capital Partners as new investors.
This investment will enable us to extend our support for procurement teams around the world as they embrace AI agents as their colleagues.
You are all going to hear a lot more about AI agents.
While the current wave of enthusiasm for AI was led by large language models providing information and imagery, there is wide consensus in the tech industry that the next and potentially much larger wave of AI will be led by AI agents capable of increasingly complex multi-step tasks.
And leading independent analysts say machine buying, which includes AI agents conducting autonomous negotiations, is the megatrend of AI for which businesses must now prepare: https://lnkd.in/dpKfsVyZ.
It’s five years since Pactum AI first sent out AI agents to conduct autonomous negotiations. Back then, few people were talking about AI - and even fewer understood how it could negotiate.
But, over many thousands of autonomous negotiations since then for some of the world’s largest companies, our AI agents have handled billions of dollars in spend and proven their ability to achieve better outcomes for both sides.
In the process, our AI has developed the world’s largest library of negotiation behavioral learnings as every autonomous negotiation helps our AI agents learn better how to achieve better outcomes for both sides.
At scale, this is unlocking huge new value, as well as improving efficiency, governance, and flexibility. This is human-AI collaboration at its best.
Many of our Fortune 500 clients have taken a “nail it and scale it” approach to autonomous negotiations (as previously explained in HBR: https://lnkd.in/gAd2c99d) and are expanding the use of their AI negotiation agents by incorporating new use cases and geographies. Our AI agents are already working in 10 languages.
The fastest scaling use of autonomous negotiations is now for direct procurement within large manufacturing companies.
The investment of $20 million in Pactum AI announced today will support additional research and development into autonomous negotiations, refine autonomous negotiation tools specifically for procurement teams, and develop initiatives to help upskill procurement professionals, such as through a new Autonomous Negotiations Academy.
So, from all of us at Pactum, thank you!
Learn more & reach out to us at Pactum.com.
