Pactum, a Mountain View, CA-based AI-based system that helps global companies automatically offer personalized commercial negotiations on a massive scale, raised $20 million in funding.
The round was led by 3VC, with participation from new investors NordicNinja VC and Maersk Growth, and existing investors Atomico, Project A, Metaplanet, and Taavet+Sten.
The funds will be used to further expand in the U.S. and Europe, and accelerate investment in its capabilities across logistics, intelligent contract optimization, and retail item-level merchandising operations.
“The macro-environment continues to shift at a rapid pace. Enterprises face high inflation, non-stop supply disruptions, and complex inventory problems. Furthermore, as we enter a period of slowing growth, it is even more crucial that companies engage their partners and negotiate agreements that bring financial and operational benefits to both parties,” said Martin Rand, co-founder, and CEO of Pactum.
Pactum’s solution – which uses advanced mathematical models, cognitive science, and best-in-class negotiation techniques – leverages intelligent bots to digitally engage third parties and negotiate mutually-benefiting contracts, leading to better pricing, payment terms, and supply continuity.
Company: Pactum AI, Inc.
Raised: $20.0M
Round: Unknown
Funding Month: December 2022
Lead Investors: 3VC
Additional Investors: NordicNinja VC, Maersk Growth, Atomico, Project A, Metaplanet, and Taavet+Sten
Company Website: https://pactum.com/
Software Category: Automated Negotiation Platform
About the Company: Pactum is a business negotiation technology startup that helps global companies digitally conduct personalized commercial negotiations on a massive scale. Pactum’s solution, which leverages digital bots that learn over time, creates a fast and responsive environment for users to digitally negotiate deals with thousands of suppliers at a time, leading to productivity gains, cost reductions, and stronger terms for all parties. Pactum works with $5B+ revenue companies, including many top Fortune 500 organizations such as Walmart and Maersk. The company is based in Mountain View with engineering and operations in Estonia.
Source: https://www.businesswire.com/news/home/20221208005188/en/Pactum-Raises-20M-to-Strengthen-How-Enterprises-Negotiate-Deals-and-Counter-Recession-Impacts