Pactum is an AI-based system that helps global companies to automatically offer personalized, commercial negotiations on a massive scale. The system adds value and saves time for both the Pactum client and their negotiation partner by aligning their values to determine win-win agreements via an easy-to-use chat interface that implements best-practice negotiation strategies. The company is based in Mountain View with engineering and operations in Estonia. Pactum is backed by founders of Skype and TransferWise and built by luminaries from Skype, Starship Technologies, and the Government of Estonia’s e-Residency program.
Today at Tyson Foods, Pactum’s Jake Filarski and Nick Tomassetti did a great pitch for how autonomous negotiations can improve the way our food gets from farm to fork. 👇
In New York next week? Join Pactum CTO Kristjan Korjus for this free and frank discussion around AI in procuretech.
Kristjan will explore the pros and cons of Large Language Models with a particular focus on their developing use within procuretech.
This lunch workshop is primarily for procurement professionals to help them better evaluate and understand the tools available to them, although all are welcome - including entrepreneurs and developers building their own solutions.
Sign up here below:
There is so much to love about this post! Pactum AI is changing the World 🌐 and it is a pure joy to be part of this story! For anyone looking to jump on board, check out the vacancies https://lnkd.in/dKT5y6tv.
PS! I'm actively supporting the recruitment of #seniorsoftwareengineer positions - get in touch for more details!
Co-Founder & President of Pactum AI. Contributor to Forbes.com. Harvard trained negotiator.
I love building startups, and here’s a secret I’ve learned: once you’re comfortable, put yourself in a new position where you’re not. Throughout my career, I’ve embraced this philosophy. For instance, no one thought of me as an agriculture expert, but I had to become one to set up, grow, and exit my last startup. At Pactum, I applied the same approach. I moved to the US from day one to build a network and brand in the most important market, in an industry I then knew little about—procurement. The results speak for themselves—Pactum is now serving the largest global enterprises and has established a strong brand in procurement, as seen in this linked video.
Now, it’s time for another step forward. Yesterday, I became the President of Pactum. Kaspar will step up as the CEO, managing day-to-day operations. My new task is to figure out how to grow 100 times and transform global commerce through autonomous negotiations. To achieve this, we must ensure that corporate leaders not only know about Pactum but become fans of our work and the results it can create. We need to position Pactum as the first choice for responsible AI adoption within the Fortune 500.
The $20 million funding we recently announced enables me to focus on making this happen. Pactum has to make sure that:
• Procurement teams know how to empower themselves through autonomous agents.
• We are up-skilling and certifying procurement professionals through initiatives like autonomousnegotiations.com, which we sponsor.
• We build a strong partner network with leading procurement software providers and global professional services companies.
• We build an even stronger presence in global press, events, and academia.
The best way to do this is to give away everything that’s comfortable and operational. Once that’s done, we elevate Pactum from a startup to a tech powerhouse and a global standard in how enterprises buy.
Fortunately, we already have world class expertise in our team across the US and Europe ready to take us there.
Thank you to everyone who has joined us and supported us this far, especially the procurement professionals and suppliers who are embracing and driving this change. We look forward to working with many more in the years ahead.
I love building startups, and here’s a secret I’ve learned: once you’re comfortable, put yourself in a new position where you’re not. Throughout my career, I’ve embraced this philosophy. For instance, no one thought of me as an agriculture expert, but I had to become one to set up, grow, and exit my last startup. At Pactum, I applied the same approach. I moved to the US from day one to build a network and brand in the most important market, in an industry I then knew little about—procurement. The results speak for themselves—Pactum is now serving the largest global enterprises and has established a strong brand in procurement, as seen in this linked video.
Now, it’s time for another step forward. Yesterday, I became the President of Pactum. Kaspar will step up as the CEO, managing day-to-day operations. My new task is to figure out how to grow 100 times and transform global commerce through autonomous negotiations. To achieve this, we must ensure that corporate leaders not only know about Pactum but become fans of our work and the results it can create. We need to position Pactum as the first choice for responsible AI adoption within the Fortune 500.
The $20 million funding we recently announced enables me to focus on making this happen. Pactum has to make sure that:
• Procurement teams know how to empower themselves through autonomous agents.
• We are up-skilling and certifying procurement professionals through initiatives like autonomousnegotiations.com, which we sponsor.
• We build a strong partner network with leading procurement software providers and global professional services companies.
• We build an even stronger presence in global press, events, and academia.
The best way to do this is to give away everything that’s comfortable and operational. Once that’s done, we elevate Pactum from a startup to a tech powerhouse and a global standard in how enterprises buy.
Fortunately, we already have world class expertise in our team across the US and Europe ready to take us there.
Thank you to everyone who has joined us and supported us this far, especially the procurement professionals and suppliers who are embracing and driving this change. We look forward to working with many more in the years ahead.
✨ 𝗣𝗮𝗰𝘁𝘂𝗺 𝗔𝗜 𝗵𝗮𝘀 𝗿𝗮𝗶𝘀𝗲𝗱 $𝟮𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝗦𝗲𝗿𝗶𝗲𝘀 𝗕 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝘁𝗼 𝗲𝘅𝘁𝗲𝗻𝗱 𝗶𝘁𝘀 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗳𝗼𝗿 𝗽𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 𝘁𝗲𝗮𝗺𝘀 𝗮𝘀 𝘁𝗵𝗲𝘆 𝗲𝗺𝗯𝗿𝗮𝗰𝗲 𝗔𝗜 𝗮𝗴𝗲𝗻𝘁𝘀 𝗮𝘀 𝘁𝗵𝗲𝗶𝗿 𝗰𝗼𝗹𝗹𝗲𝗮𝗴𝘂𝗲𝘀.
The 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.
The Series B investment was led by Karma Ventures, which specialises in supporting Europe’s most promising deep-tech software startups, and was joined by A.P. Moller - Maersk, the leading integrated logistics company, which has previously invested and itself uses Pactum to conduct autonomous negotiations with suppliers.
Kaspar Korjus, co-founder 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 co-founder and President at Pactum AI says: “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.”
https://lnkd.in/dYZPAcSi
Congrats to Pactum! 💸
#PactumAI#AutonomousNegotiations#AI#Technology#Procurement#ProcureTech
And we’re thrilled to have deep-tech specialists Karma Ventures onboard with us. 👇
They’ve understood the potential of autonomous negotiations since the very start and their insight is invaluable, particularly as we enter this new phase of scaling to help procurement teams around the world unlock even more value.
We are extremely excited to announce our investment in Pactum AI, having led the company’s $20m series B funding round!
Whilst AI is currently the hot topic in venture, the team at Pactum have been working on autonomous negotiation agents since we first met them back in 2019, enabling enterprises to simultaneously conduct thousands of negotiations with suppliers and achieve more optimal terms for both sides. This delivers large savings to their customers but importantly also frees up procurement team members time to focus on strategic topics such as ESG and local supply chains.
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.
Our collaboration has been a long time in the making, our first discussions with the company were over 5 years ago, and the relationship we have built has continued to strengthen over time. We are excited to partner with both the team (Martin, Kaspar, Kristjan) and fellow investors 3VC, Atomico, Project A, Superangel, PortfoLion Capital Partners, A.P. Moller - Maersk.
https://lnkd.in/dYZPAcSi
Congratulations to our portfolio company, Pactum AI, on raising $20M in Series B! 👏
We are happy to join the round led by Karma Ventures with participation from Atomico, Maersk Growth, Project A, as well as Superangel and PortfoLion Capital Partners as new investors.
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.
Read our full perspective below 👇
