Pactum, an Estonian-founded AI-based platform that enables companies to automate personalised commercial negotiations, has announced the closing of a USD3 million seed financing round led by Berlin-based Project A, a venture capital fund focused on innovative startups, with investments by DocuSign and other previous investors.
“We’re happy to announce this round of funding which will bring our technology to more enterprises that need it,” Martin Rand, the CEO of the company, said in a statement.
“Project A is at the forefront of the most innovative breakthroughs in tech and AI while DocuSign is an iconic brand in the world of agreements. Today, legaltech, fintech and enterprise AI solutions are converging into a unified platform for agreements and DocuSign has a wealth of experience in this.”
Pactum was founded in 2019 to help companies uncover hidden value in supplier contracts.
“Many Fortune Global 2000 companies have thousands of vendors with contracts that have been neglected for long periods of time because the value of the contracts is too small and too numerous to warrant proper procurement specialists’ time,” the company said.
“Pactum autonomously negotiates these supplier contracts, which releases significant capital to the bottom line while also improving terms for vendors. Walmart is one of the first customers Pactum is able to disclose.”
Pactum is working on negotiations in a variety of industries and most of its clients are Fortune 500 companies. “On average, 74% to 82% of companies interacting with Pactum’s AI prefer it over a conversation with a human. For recent customers, Pactum increased the value of long tail deals by 11% to 27%,” according to the company.
Cover: Pactum’s AI-based platform enables companies to automate personalised commercial negotiations.