AI platform Pactum raises $11M in round led by Atomico
Summary
Existing investor Project A also followed on as part of this latest round, and Atomico Partner Ben Blume will join Pactum’s board. “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.” As reaching supplier agreements with a computer system becomes more normalised, Pactum’s technology can be deployed in other use cases such as employment contracts, licensing or rental agreements. KPMG estimates indicate that 17-40% of the value of vendor deals is lost due to inefficiencies in the contract negotiation process. Ben Blume, partner at Atomico, said: “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. “Martin, Kaspar and Kristjan recognised this and, with Pactum, have pioneered a unique approach that makes the negotiating process more supplier-friendly and improves outcomes for both parties.