From left to right our three Co-Founders: Philip Kytinos (CTO), Costas Economopoulos (Co-CEO), George Boretos (Co-CEO)
Zurich, Switzerland, December 15 — Cube RM, an AI tender management platform helping enterprises discover, bid for and win tenders globally is announcing the completion of a $8 million Series A round. The round was led by Runa Capital with the participation of the existing investor Marathon Venture Capital.
Tendering and Contracting is the process used by most governments and public organizations to enable transparency in public procurement and put pressure on vendors’ pricing without compromising quality. Only a few years ago most countries in Europe and North America built consolidated public procurement processes through their online tender portals, making it possible to scrape them at scale. And there’s still the challenge of balancing the right price to bid with product quality, as more and more tenders use a combination of pricing and quality criteria and there is no negotiation after submitting your tender response.
Cube RM provides an automated solution to help companies navigate through the tendering process. Cube RM is targeting mainly pharmaceutical and medical equipment global companies, with plans to expand to other industries, and their products are used by companies like Boston Scientific ($BSX), Takeda ($TYO), and Bavarian Nordic ($BAVA), and other Fortune 500 companies.
Besides that, the Cube RM platform helps:
● Discover new tenders from online portals globally
● Prioritize tenders using Natural Language Processing
● Forecast tenders to be published (anticipated tenders)
● Deliver tenders as opportunities in Salesforce.com
● Figure out the best price to win using Machine Learning models
● Facilitate bid preparation and submission
● Track tender winners and competitive info
By using a combination of statistics and economic theory, Cube RM’s machine learning engine allows customers to evaluate and predict the probability of winning the tender and offers optimum bidding price suggestions, even with limited available data points for the competitors, which is usually the case for tenders. Cube RM is collecting hundreds of thousands of tender publications worldwide and is using advanced NLP to discover information and make sense out of the unstructured data from current and past deals. By extracting and systematically storing the information, it allows customers to save thousands of hours of manual work searching web sites and documents for information about the tender, but also maintain a database of structured information for their market and competition.
Cube RM already works with tendering portals in multiple markets, including the EU, the US, LATAM and EMEA. It also has an ecosystem of global sales and integration partners, providing its customers with a global reach for sales and solution deployments. Cube RM is built on the Salesforce platform and is the only global tender management solution in the Salesforce AppExchange.
Cube RM founding team has vast experience and expertise in enterprise software. Costas Economopoulos is a successful entrepreneur for more than 20 years, has founded several B2B software companies with a focus on Life Sciences, Manufacturing and Media industries. George Boretos has a successful career of more than 20 years in the business software industry leading commercial positions; he is also a seasoned data scientist, specializing in price optimization models. Philip Kytinos has more than 15 years of software engineering experience in building complex, mission-critical enterprise software solutions.
“While working with global life sciences customers, we discovered that 25% to 60% of their revenues comes from public sector tenders, which is rather significant considering the trillion-dollar size of the market. Previously, there was no software system to discover new tenders that are being published every day on a global scale and help those companies manage the processes for preparing their quotation and find the best price to win the tender with the use of the latest AI technology,” says Costas Economopoulos, the Co-founder and co-CEO of Cube RM.
“Having identified early on Tendering as a big and growing multi-trillion dollar market, which is also very demanding for large enterprises in various industries, we decided to launch Cube RM to help our customers considerably improve their tender-driven business and sales performance. This new funding round brings us a step closer to achieving our goal of becoming a leading tender management software vendor globally with main focus on technology innovation and rapid commercial expansion”, says George Boretos, the Co-founder and Co-CEO of Cube RM.
“We have been investing in software solutions for regulated industries since 2011 and think that now is the perfect time for tender automation in the life science industry. On one hand, the pandemic boosted budgets and the overall importance of this industry, and on the other hand, it highlighted the ubiquitous lack of digitalization and abundance of inefficient bureaucratic processes at large enterprises,” says Konstantin Vinogradov, Partner at Runa Capital. ” We consider this as an outstanding opportunity and are proud to support Cube RM on its way to transforming tendering processes in the life science and other industries.”
“More than one million public tenders are announced each year worldwide, with a total value of trillions of euros. Effectively automating tender discovery and bidding is a need that has become more urgent than ever. We strongly believe that the Cube RM team will leave its mark on this emerging market, benefiting both stakeholders and the public interest.”, says George Tziralis, Partner at Marathon Venture Capital.
With the funding raised, Cube RM will expand to other geographies and markets, including Manufacturing, Chemicals and Hi-Tech industries. The team will accelerate significantly on its product roadmap, working further on predictive pricing, AI/ML, automation for tendering, and global tender data coverage. The company is headquartered in Zurich, Switzerland, maintaining its engineering center in Athens, Greece.
About Cube RM
Cube RM, an AI-driven platform for global tender management that makes the tendering process simple, transparent and more profitable. Cube RM helps large enterprises to easily manage, evaluate, and optimize tenders & sales quotes leveraging machine-learning, applied economics, and competitive intelligence. Cube RM is targeting pharmaceutical and medical equipment global companies for now and their product is used by companies like Boston Scientific ($BSX), Takeda ($TYO), Kemira($KEMIRA), Bavarian Nordic ($BAVA), and other Fortune 500 companies. For more information, visit https://www.cuberm.com
About Runa Capital
Runa Capital was launched in 2010 by the founders of Acronis, Parallels, and Acumatica, and has since become a leading global VC firm. Runa Capital is currently investing from Fund III, which focuses on early-stage investments in deep tech including quantum technologies and cloud infrastructure as well as SaaS, including vertical solutions for the healthcare, finance, and education industries. Runa Capital has invested in more than 80 companies across Europe and North America to date, including Mambu, Smava, Nginx, MariaDB, Brainly, Acumatica, and others. For more information, visit www.runacap.com
About Marathon Venture Capital
Marathon Venture Capital (www.marathon.vc) is a seed-stage Venture Capital fund, which supports ambitious Greek founders in creating world-class technology companies. With more than € 70 million in assets under management, Marathon is the first investor in fast-growing startups such as Augmenta, Netdata, Learnworlds, Causaly, and Hack The Box.