Altura, a bid management software company based in Utrecht, has successfully secured €3 million in funding to revolutionize the bid management process using AI technology. The funding round was led by Curiosity VC, with the participation of Fortino Capital.
With the newly acquired growth capital, Altura plans to enhance its software by investing significantly in tech talent and expanding the platform to offer more products and improve customer support. The company, founded in 2019, released the first version of its software two years ago.
Matthijs Huiskamp, the founder and CEO of Altura, highlighted the inefficiencies in current business processes due to manual work and unnecessary steps. By leveraging their software’s knowledge and automation capabilities, Altura aims to eliminate these inefficiencies, allowing for more focus on vision, creativity, strategy, and critical tasks. AI technology will play a crucial role in achieving this transformation.
Altura’s bid management software utilizes advanced technologies such as Large Language Models (LLMs), Retrieval-Augmented Generation (RAG), Custom Prompting, Vector database technology, and Graph database technology. These tools enable the software to support every step of the proposal process, from identifying opportunities to project management and data analysis. By automating manual tasks, Altura’s software streamlines the entire bid management process.
In today’s business landscape, government agencies and organizations increasingly rely on formal procurement processes like Request for X (RFX) to select suppliers. Altura’s AI-powered software simplifies the complexities of creating and managing proposals, promising to transform interactions between government bodies, businesses, and collaborations.
Wouter Goossens, Investment Director at Fortino Capital, expressed confidence in Altura’s mission to streamline bid management processes effectively. He highlighted the company’s ambition to become a leader in the category and praised the rapid growth rate.
Overall, Altura’s innovative approach to bid management with AI technology is set to reshape how businesses and government entities interact and collaborate. By offering a more efficient and effective bid management solution, Altura is poised to make a significant impact on the procurement landscape.
