Pactum AI raises $20 million Series B
We are excited to announce that Pactum raised a $20M Series B round led by Karma Ventures with participation from 3VC, Atomico, Maersk and Project A, as well as SuperAngel and Portfolion as new investors.
Pactum AI has shaped the field of autonomous negotiations since 2019 when they set out to fix the problem of large enterprises not having the human capacity to fully engage their thousands of suppliers, instead issuing standardized, suboptimal terms.
Today Pactum’s AI negotiation agents work at an increasingly large scale to autonomously negotiate billions of dollars in spend on behalf of procurement professionals across a wide range of Fortune 500 companies in manufacturing, retail, automotive, pharmaceuticals, and logistics, some even conduct autonomous negotiations with each other, as one company recently revealed. So far, the largest autonomously negotiated deal was worth just over $28 million and generated savings of $750,000.
Martin Rand, cofounder and CEO at Pactum AI, says: “There are two key AI trends right now that all businesses need to understand. The first is the rapid emergence of AI agents in the workforce that can do increasingly complex sets of tasks at a super human capacity. However, the second is the vital need to upskill the human workforce so they can manage their AI colleagues effectively and extract the most value from them.”
This latest investment of $20 million in Pactum AI will enable procurement teams to extract more value from their autonomous negotiations in future as a result of a more intuitive user experience, as well as from enhanced human-AI collaboration. Pactum will continue its research and development into autonomous negotiations, refining autonomous negotiation tools specifically for procurement teams, and developing initiatives to help upskill procurement professionals, such as through a new Autonomous Negotiations Academy.
Eva Arh, 3VC partner and Pactum board member, adds: “I am very excited to continue supporting Martin, Kaspar and Kristjan and the whole team as they continue to establish autonomous negotiations as a category of its own and unlock value to all negotiation stakeholders. It is very exciting and rewarding to work with such a game changing company!”
Congratulations to the entire Pactum team on this achievement!
