Pactum, an AI-based platform that enables global companies to automate personalized commercial negotiations at scale, announced it has raised an $11 million Series A round. The funding brings the company’s total investment to $15 million. The round was led by Atomico, with participation from Metaplanet (Jaan Tallinn), checkout.com CTO Ott Kaukver, TransferWise Chairman and Co-Founder Taavet Hinrikus and Teleport Co-Founder Sten Tamkivi. Existing investor Project A also followed on as part of this latest round and Atomico Partner Ben Blume will join Pactum’s board.
“While other AI companies focus on reducing labor costs, Pactum focuses on adding value to the bottom line,” said Martin Rand, CEO and co-founder at Pactum. “All businesses make purchases, which means that any firm will be able to benefit from our automated Negotiation-as-a-Service (NaaS) offering. Although this technology has so far been limited to the most innovative enterprises, Pactum will open the door to all businesses to benefit from AI’s value-generation potential – starting with Fortune 500 companies but by no means ending there.”
“Fortune 500 procurement leaders have told us that negotiated agreements are the backbone of their economic engagement, but that their practices for managing supplier contracts are currently filled with inefficiency, uncertainty, and untapped value,” said Ben Blume, partner at Atomico. “Martin, Kaspar, and Kristjan recognized this and, with Pactum, have pioneered a unique approach that makes the negotiating process more supplier-friendly and improves outcomes for both parties. Combining deep expertise in negotiation with world-class AI talent, we believe Pactum is exceptionally well positioned to develop a new kind of automation solution with the ability to create significant amounts of value for both buyers and suppliers of all kinds.”
Pactum will use the funding to scale up the deployment phase of its AI automated negotiation platform.