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Altura, a Utrecht-based provider of bid management software, has secured €8m Series A funding. The latest investment round was led by Octopus Ventures with the support of existing backers including Fortino Capital and Curiosity VC. The money will be used to support the further development of what Altura claims are the world’s first autonomous artificial intelligence agents that are designed to help businesses win more tenders.
The company, which has recently opened an office in London, was founded on 2019 and counts EY, Adecco and Ricoh among its customers. The business aims transform the bid management process by automating time-consuming tasks such as finding relevant opportunities, drafting proposals and analysing performance. Altura’s agentic artificial intelligence system is described as going beyond chatbots to complete tasks and make decisions to help bid teams operate faster, smarter and more strategically.
The platform provider believes that the Procurement Act 2023, which came into force earlier this year (see here), will stimulate demand for its offerings in this country. The online tendering arena is, however, not short of established participants and Altura will face stiff competition as it seeks to grab a share of the market.
Posted by: Duncan Aitchison at 09:59