Go Autonomous, an AI-powered platform that revolutionizes B2B commerce by turning unstructured transactional data into actionable information that enterprise systems can understand, announced that it has successfully closed a €10 million Series A funding round. The round was led by Octopus Ventures and Ridge Ventures, with participation from existing investors EIFO and 42Cap. This latest investment marks a significant milestone in the company’s journey, further reinforcing its position as a game-changer in the B2B digital commerce space.
Founded in 2020, the Go Autonomous platform quickly attracted interest from some of the biggest manufacturers and distributors in the Nordics. Bootstrapped for the initial 1.5 years, the company raised $3.3 million from 42Cap and EIFO in a seed round in 2022. The investment reflected the strong belief in the founders’ ambitious vision of building out a new AI-powered software category within the B2B enterprise market , which they conceptualized and named Autonomous Commerce.
Bjarke Ruse Sejersen, Founder and CEO of Go Autonomous, commented: “We’re excited to accelerate our product adoption in Europe and the UK, and begin laying the groundwork for our expansion into the USA, thereby further reinforcing our commitment to revolutionizing the landscape of B2B commerce software.”
The B2B industry relies heavily on email as the primary transactional channel, responsible for generating a substantial portion of revenue for most companies. Recognizing the significance of email in B2B, Go Autonomous has developed an innovative AI-powered SaaS solution that identifies the intent of emails arriving in an inbox, extracts and structures the necessary information, and connects it into enterprise systems in real-time, enabling end -to-end automation of quotes and orders. This solution has demonstrated the ability to save approximately 30% of time for customer service representatives, empowering them to focus on value-added tasks such as upselling and cross-selling. Furthermore, the solution enables the users to receive analytical insights from the email inbox, which can be used for planning and forecasting purposes.
Go Autonomous has enterprise customers from various sectors, including manufacturing giants, industry leaders like Grundfos, and prominent players in B2B distribution, such as Saint-Gobain Distribution Denmark.
Conor Scanlan at Octopus Ventures, said: “We are delighted to be supporting Go Autonomous in accelerating their presence in the UK market. At Octopus Ventures, we are committed to investing in the businesses that will change the world. “Go Autonomous is addressing a critical challenge in B2B digital commerce, and we believe their platform has the potential to transform how businesses operate.”
Akriti Dokania at Ridge Ventures added: “The automation software market has historically been dominated by horizontal players that are bulky and high-friction. Go Autonomous’ AI-powered commerce solution flips the script by offering a seamless, efficient, and scalable alternative that prioritizes the most critical workflows in B2B sales: purchase orders. Gone are the days of manually scanning emails for invoice details and inputting them into an ERP. Bjarke and his team, who’ve previously helped automate complex workflows in legacy industries, are turbocharging manufacturing, aviation, and other sectors hampered by lethargic B2B sales processes.”
Read the orginal article: https://www.eu-startups.com/2024/02/copenhagen-based-go-autonomous-gets-e10-million-series-a-to-accelerate-adoption-of-autonomous-commerce/
