Battery Ventures led the new Series A funding round, which also included Tower Research Capital, K Street Capital and Blu Ventures. Brandon Gleklen from Battery Ventures and Jared Young from Tower Research will join the company’s board of directors.
The company, founded in 2022, has raised $11.2 million total, according to Crunchbase.
Procurement Sciences has positioned itself as a developer of “workflow automation software that uses artificial intelligence to help government contractors to search for bids and create proposals more effectively,” according to a statement about the fresh capital.
The company aims to use generative AI to streamline “the entire procurement workflow of business development and proposal teams, from bid discovery through proposal writing to compliance review.”
The company’s tech can integrate with historical customer data residing in SharePoint, Google Drive and other sources.
Based in the Washington, D.C., area, the company focuses on the federal space, with customers that include “several of the top 20 largest defense and aerospace companies,” according to the statement.
But the company has a vision that goes beyond that, Christian Ferreira, founder and CEO of Procurement Sciences AI, told Government Technology via email.
"While our current emphasis is primarily on federal contracting, we already partner with several contractors engaged in both federal and state projects, as well as those exclusively focused on state contracting,” he said. “Additionally, we are exploring opportunities in local contracting, as our technology seamlessly adapts to various procurement processes."
The company, which employs 16 people, plans to hire more workers in software engineering and artificial intelligence, along with development, sales and customer service.
The new funding comes as procurement continues to become more digital and coordinated for governmental customers and their suppliers.
Just a few days ago, for example, government technology vendors OpenGov and Pavilion announced a partnership designed to offer more access to public-sector contracts — and more opportunities for cooperative contracts — for their customers.
