TLDR:
- Procurement Sciences AI raised $10 million in Series A funding to streamline government bidding processes using AI technology.
- The company, founded by former Marine Christian Ferreira, aims to simplify the procurement process by analyzing documents, matching businesses to opportunities, and creating proposal drafts.
A startup called Procurement Sciences AI, founded by Christian Ferreira, a former Marine, recently secured $10 million in Series A funding to enhance its team and continue its mission of simplifying government contracting processes. The company, established in 2022, utilizes AI technology to assist businesses in sorting through and analyzing documents, connecting them to relevant opportunities, and generating initial proposal drafts. With approximately 125 customers, Procurement Sciences AI plans to expand its team with positions such as AI and software developers, a senior product manager, and account executives, aiming to hire eight to 10 more staff members by the end of the year. The funding round was led by Battery Ventures, with additional investments from Tower Research Capital, K Street Capital, and Blu Ventures.
Ferreira highlighted the need for additional capital to grow the team, as the company has been rapidly expanding and is currently operating with a staff of 16 employees along with several contractors. The company is considering setting up future offices in the Tysons and Reston areas in addition to its DC/Arlington presence. Battery Ventures, known for its technology-focused investments, expressed interest in Procurement Sciences AI from the onset of the fundraising round, with partners providing valuable guidance and advisory support to the company. With the new funding, the company aims to further solidify its position in the government contracting space and meet the evolving needs of its clients.
