AI procurement platform Stotles secures investment from Seedcamp
Shoreditch-based public procurement platform Stotles has received investment from Seedcamp.
Founded by John Witt, Carsten Schaltz, and Taj Kamranpour, the team has created a platform which aims to break down the barriers to government contracting and bring more players to the market.
The platform, which gets its name from Aristotle, enables suppliers to follow indicators, track potential contract renewals, monitor buyers, and monitor competitors.
This first round of funding, which was undisclosed, will support the launch of a new feature that will focus on predicting future opportunities.
By using data and AI, Stotles will give a view of government tenders to pitch for via their platform.
Seedcamp’s VP Stephen Allott, said: “Stotles is the most significant sales enablement technology for public sector suppliers since the G-Cloud. The team and their vision are first class and the potential for this across both the UK and Europe as a whole is huge.”
The founders have been at the intersection of public and private sectors, at firms such as the World Economic Forum, Boston Consulting Group, and Bloomberg.
Taj Kamranpour, Co-founder and COO, said: “As a founder who previously bid for public work, I felt the desperation of flying almost blind; we had no way to compete with others that already had ingrained relationships. I knew suppliers needed help.”