Cube RM Raises $8m to Grow its Tender Management AI
More than 1.5 million tenders and public sector contracts are published every year by governments around the world, for a total annual value surpassing $5 trillion. For a number of industries in the likes of pharma and medical equipment, tenders represent a significant part of the business, often contributing up to two-thirds of total revenue.
Today tenders are increasingly made available via government portals, to ensure transparency in public procurement. Still, navigating through such a wealth of information is far from an easy task, considering the large variety of sources, paired with often insufficient information and poor integration with standard workflows.
Cube RM pioneers in providing an end-to-end, fully-automated solution for tender and government contracting for the first time in the market. Its flagship tender management offering helps enterprises discover new tenders globally, evaluate and prioritize them based on each company's product list and track record, also land them as opportunities within Salesforce and other major platforms.
Furthermore, it is helping customers anticipate future tenders, facilitate bid preparation and submissions while optimising their pricing and tracking winners and competitive information, in a truly 360 tender management offering.
Cube RM already works with tendering portals in multiple markets, across the EU, US, UK, LATAM and EMEA. Collecting hundreds of thousands of tender applications worldwide, its advanced NLP capabilities help to make sense out of unstructured data from past and current opportunities, providing a significant competitive edge to its customers.
It is no coincidence that a fast-growing number of large enterprise customers, such as Boston Scientific, Takeda, Kemira and Bavarian Nordic, is entrusting Cube with their tender targets and plans. A number of Fortune 500 companies are quoting significantly more revenue per tender on average, along with thousands of work hours saved on managing pricing, approvals and quotes, after deploying Cube RM's solutions in various departments.
We first invested in Cube RM three years ago. Since then, Costas, George, Philip and team reimagined the modern workflow about tender management, and delivered what we believe to be a groundbreaking solution that is moving the market forward.
Today the company is announcing the completion of an $8m Series A round, led by Runa Capital, with the participation of Marathon. The team will be growing fast across functions in Greece, Switzerland and remote, to accelerate its product roadmap and satisfy demand. Keep an eye for future job openings!
We see a future where tenders and government contracts are easily discovered and processed for the benefit of their bidders and the broader public. We believe Cube RM can be a transformational company in the space and we look forward to its next steps!