[Funding alert] Utrecht-based Altura Secures €3 Million in Funding

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Altura intends to enhance their software further with the growth money. To grow the platform, there will be a large investment in tech talent. The goal is to establish a flawlessly optimized procedure by adding more items and offering even better service. Altura was established in 2019 and released its initial software version two years prior.

Matthijs Huiskamp, founder and CEO Altura, said: “I see inefficiency in how companies and governments do business with other parties. This is because there is so much manual work and unnecessary steps. With the knowledge and automation in our software, those factors are removed and with that there is more room for vision, creativity, strategy and focus. AI plays the leading role in this.”

AI is currently a threat to bid management. This implies that there will be changes to the way large corporations conduct business and the way the government allocates funds. The procurement and RFX industries will be entirely changed in five years.

Altura is embracing and accelerating such transition with the help of AI. Artificial intelligence and contextual data from businesses will solve all manual tasks. This frees up more time for the important work.

Large Language Models (LLMs), Retrieval-Augmented Generation (RAG), and Custom Prompting are all used by the bid management software. The use of graph and vector database technologies is made. As a result, Altura's software can assist with every stage of the proposal process, from finding new prospects to managing projects and analyzing data.

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The program can predict financial risks, gather product data from platforms, scan documents extremely precisely, summarize and arrange content in a knowledge library, and more. Automated activities, including a timetable, task list, proposal text, and other content, are generated based on the data included in the documentation. Manual labor is greatly decreased as a result.

Wouter Goossens, Investment Director at Fortino Capital, commented: “We see that companies are increasingly buying through RFXs. Matthijs and Jordi have the ambition to become category leaders with software to make bid management more efficient and effective. This objective and the speed at which the company is currently growing really appeal to us.”

Herman Kienhuis, managing partner at Curiosity VC, added: “We have researched the entire market in the field of AI in bid software and see that Altura is the best party. They use new AI technologies for finding and analysing tenders and RFXs, for automating time-consuming manual tasks and also as an assistant for proposal writing. This growth capital will allow them to accelerate their product development and commercial rollout.”

About Altura

Altura, Your online bid management system. A platform that uses AI automation to save your team time while streamlining the entire bidding process and optimizing your proposals through data insights.