Cube RM, an AI tender management platform helping enterprises discover, bid for and win tenders globally is announcing the completion of an $8 million Series A round.
The round was led by Runa Capital with the participation of the existing investor Marathon Venture Capital.
Tendering and Contracting is the process used by most governments and public organisations to enable transparency in public procurement and put pressure on vendors’ pricing without compromising quality. Only a few years ago most countries in Europe and North America built consolidated public procurement processes through their online tender portals, making it possible to scrape them at scale. And there’s still the challenge of balancing the right price to bid with product quality, as more and more tenders use a combination of pricing and quality criteria and there is no negotiation after submitting your tender response.
Cube RM provides an automated solution to help companies navigate through the tendering process. Cube RM is targeting mainly pharmaceutical and medical equipment global companies, with plans to expand to other industries, and their products are used by companies like Boston Scientific ($BSX), Takeda ($TYO), Kemira ($KEMIRA), and Bavarian Nordic ($BAVA), and other Fortune 500 companies.
Besides that, the Cube RM platform helps:
- Discover new tenders from online portals globally
- Prioritize tenders using Natural Language Processing
- Forecast tenders to be published (anticipated tenders)
- Deliver tenders as opportunities in Salesforce.com
- Figure out the best price to win using Machine Learning models
- Facilitate bid preparation and submission
- Track tender winners and competitive info
By using a combination of statistics and economic theory, Cube RM’s machine learning engine allows customers to evaluate and predict the probability of winning the tender and offers optimum bidding price suggestions, even with limited available data points for the competitors, which is usually the case for tenders.
Cube RM is collecting hundreds of thousands of tender publications worldwide and is using advanced NLP to discover information and make sense out of the unstructured data from current and past deals.
By extracting and systematically storing the information, it allows customers to save thousands of hours of manual work searching websites and documents for information about the tender, but also maintain a database of structured information for their market and competition.
Cube RM already works with tendering portals in multiple markets, including the EU, the US, LATAM and EMEA. It also has an ecosystem of global sales and integration partners, providing its customers with a global reach for sales and solution deployments.
Cube RM is built on the Salesforce platform and is the only global tender management solution in the Salesforce AppExchange.
Cube RM founding team has vast experience and expertise in enterprise software. Previously, Costas Economopoulos founded a few B2B software companies with a focus on Life Sciences, Manufacturing and Media industries.
George Boretos has a successful career of more than 20 years in the business software industry; he is also a seasoned data scientist, specializing in price optimization models. Philip Kytinos has more than 15 years of software engineering experience in building complex, mission-critical enterprise software solutions.
While working with global life sciences customers, we discovered that 25% to 60% of their revenues comes from public sector tenders, which is rather significant considering the trillion-dollar size of the market.says Costas Economopoulos, the co-founder of Cube RM.
Previously, there was no software system to discover new tenders that are being published every day on a global scale and help those companies manage the processes for preparing their quotation and find the best price to win the tender with the use of the latest AI technology,
Having identified early on Tendering as a big and growing multi-trillion dollar market, which is also very demanding for large enterprises in various industries, we decided to launch Cube RM to help our customers considerably improve their tender-driven business and sales performance.says George Boretos, the co-founder of Cube RM.
This new funding round brings us a step closer to achieving our goal of becoming a leading tender management software vendor globally with a main focus on technology innovation and rapid commercial expansion.
We have been investing in software solutions for regulated industries since 2011 and think that now is the perfect time for tender automation in the life science industry.says Konstantin Vinogradov, Partner at Runa Capital.
On one hand, the pandemic boosted budgets and the overall importance of this industry, and on the other hand, it highlighted the ubiquitous lack of digitalization and abundance of inefficient bureaucratic processes at large enterprise.
We consider this as an outstanding opportunity, and are proud to support Cube RM on its way to transforming tendering processes in the life science and other industries.
With the funding raised, Cube RM will expand to other geographies and markets, including Manufacturing, Chemicals and Hi-Tech industries. The team will accelerate significantly on its product roadmap, working further on predictive pricing, AI/ML, automation for tendering, and global tender data coverage. The company is headquartered in Zurich, Switzerland, maintaining its engineering centre in Athens, Greece.