D.C.-based Procurement Sciences AI said Tuesday it has raised $10 million in a Series A round to expand its staff.
The round was led Boston's Battery Ventures and included participation from New York City's Tower Research Capital, D.C.'s K Street Capital and London's Blue Ventures. Tower Research was an existing investor in Procurement Sciences, which has developed AI-powered workflow automation software to help government contractors search for bids and create proposals.
Procurement Sciences said it will use the funding to expand its staff in software engineering and AI research as well as its development, sales and customer relations. The company, which launched in late 2022, said it currently employs 16.
"Government procurement is notably competitive and often seems out of reach for many small to medium-sized businesses that lack the necessary expertise and time to identify suitable bids, let alone prepare a compelling proposal,” Founder and CEO Christian Ferreira, a former officer in the Marine Corps, said in a statement. “With our AI-powered tools, government contractors can now reallocate their time and energy towards more effectively delivering goods and services."
With the new funding, Brandon Gleklen from Battery Ventures and Jared Young from Tower Research are joining the Procurement Sciences board. Battery Ventures has made a series of investments in AI companies.
The company says its current clients include several large defense and aerospace contractors as well as more than 100 small- and medium-sized contractors working in every sector of the government.
