When enterprises set their sights on winning a new business contract, they embark on an extensive and time-consuming bidding and proposal process. This process involves fact-checking, collaboration across departments, editing, revising, and repeating, which can take weeks to complete. However, AutogenAI, a generative AI bid and proposal company, claims that their platform can streamline this arduous process to just a few days. Now, AutogenAI is bringing its product to the U.S. market after a year of rapid growth. They have also appointed Elizabeth Lukas as CEO for the Americas.
A Game-Changing Solution for Bid and Proposal Management
“The pace at which business is moving today is so fast that you really need these tools at your disposal to manage it,” says Lukas. The bid and proposal market is massive, with the U.S. government committing approximately $694 billion to contracts in Fiscal Year 2022 alone. In addition, consultancy firms spend millions of dollars annually on bidding. AutogenAI is not the only AI tool in this industry, with competitors like fundwriter.ai, QorusDocs, DeepRFP, and WriteMe. However, AutogenAI differentiates itself by addressing the pain points of technical workers and writers, creating a unique collaboration to develop their product.
“Large billion-dollar contracts down to smaller SME size contracts–the amount of time spent working on them can be quite enormous and exhaustive.”
Since its establishment a year ago, AutogenAI has secured a $22.3 million series A funding and has been awarded a prestigious AI Grant. They claim to have achieved a 100X increase in revenue within a year and have helped international businesses win over $50 million in additional work. According to Lukas, companies that utilize AutogenAI’s tool report up to 85% cost savings, a 30% increase in win rates, and an 800% boost in productivity.
Redefining Proposal Writing with AI-driven Language Engines
AutogenAI builds customized language engines for each client using natural language processing (NLP). Lukas explains that the platform is trained on an organization’s text and knowledge, allowing it to learn and replicate the organization’s voice. Instead of spending weeks on writing a first draft, AI can generate proposals within days, freeing up teams to focus on winning bids and gaining a competitive advantage.
AutogenAI recognizes the potential for its platform beyond the bidding and proposal space. There are opportunities for its use in analysis and reporting, marketing, human resources, public relations, and thought pieces. The company has already served managed service and consultancy firms, healthcare organizations, government entities, and companies in IT, telecommunications, construction, and outsourcing. Additionally, AutogenAI sees emerging opportunities in grant writing for nonprofits and research universities.
“The U.S. is a very high priority market for us. It is a very similar type of market, just a much, much bigger playing field.”
Lukas, who previously served as CEO for the Americas at Decoded Ltd., is focused on building the U.S. sales team and establishing a go-to-market strategy. AutogenAI aims to have a remote-first U.S. team of 15 to 20 people by the end of the year, expanding to 30 to 40 by the end of 2024. Additionally, AutogenAI deploys dedicated customer success teams to assist organizations in understanding and integrating AI into their workflows.
AutogenAI believes in “augmented intelligence” rather than replacing humans. Lukas emphasizes the importance of humans in business-critical writing and the need to embrace technology for productivity enhancements. By providing well-designed software with prompt engineering capabilities, AutogenAI enables users to communicate with AI as they would with a research assistant. Lukas acknowledges that adopting this new behavior requires guidance and education.
Recently, there has been a notable shift in perception towards generative AI. With the launch of OpenAI’s chatbot, ChatGPT, the conversation around generative AI has exploded. People now understand the technology better and recognize its value proposition. AutogenAI has experienced significant growth due to increased awareness and appreciation for the potential of generative AI.
“Written communication, storytelling, it’s the most uniquely human act. When you see a computer start to write in a way that’s compelling and makes sense and creative, it’s awe-inspiring. I think that’s why people are so captivated with the technology.”
