Karma Ventures leads the $20m series B funding round of Pactum AI
Pactum AI, the leader in autonomous negotiations, has raised $20 million in Series B investment to extend its support for procurement teams as they embrace AI agents as their colleagues.
The field of autonomous negotiations was first pioneered by Pactum AI in 2019, enabling large enterprises to simultaneously conduct thousands of negotiations with suppliers and achieve more optimal terms for both sides.Over the past five years, Pactum AI has conducted thousands of autonomous negotiations on behalf of Fortune 500 companies and developed the world’s largest library of negotiation behavioral learnings as every autonomous negotiation helps the AI learn how to guide future deals towards better outcomes for both sides.
The investment of $20 million in Pactum AI announced today 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 AI will achieve this by supporting additional 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.
The Series B investment was led by Karma Ventures, which specializes in supporting Europe’s most promising deep-tech software startups, and was joined by Maersk, the leading integrated logistics company, which has previously invested and itself uses Pactum to conduct autonomous negotiations with suppliers. Other existing investors in this round include 3VC, Atomico, Project A, and SuperAngel, as well as new investor Portfolion. This brings Pactum’s total investment to date to $55 million.
To oversee this new phase of growth, Pactum’s previous Chief Product Officer Kaspar Korjus has been appointed CEO, and Pactum’s previous CEO Martin Rand has been appointed the company’s first President. Korjus previously founded Estonia’s flagship e-Residency programme, which has also been highly successful at unlocking new value at scale.
Kaspar Korjus, cofounder and CEO at Pactum AI says: “The future will be autonomously negotiated and Pactum has a tremendous opportunity to bring this future closer and unlock the benefits sooner with its world class expertise, which ranges from from AI to UX, and across procurement.”
Martin Rand cofounder and President at Pactum AI says: “This investment is great news for Pactum, as well as procurement professionals already conducting autonomous negotiations, and those soon to start. I’m proud of our work together over the last five years. Negotiations create value and autonomous negotiations at scale through human-AI collaboration can unlock value like never before. We’ve now conclusively demonstrated that with results so this additional funding will help us bring the benefits of autonomous negotiations to the world as we enter a new era scaling this technology with our clients.”
While the current wave of enthusiasm for AI was led by large language models capable of providing information and imagery, there is wide consensus in the tech industry that the next and potentially much larger wave of AI will be led by AI agents capable of increasingly complex multi-step tasks. Leading independent analysts have concluded that machine buying, which includes AI agents conducting autonomous negotiations, is the megatrend of AI for which businesses must urgently prepare.
https://pactum.com/news-pactum-raises-20m/