Procurement Sciences AI

Company Overview

Procurement Sciences AI (PSci.AI) is a rapidly growing SaaS company that provides an AI-powered platform for government contractors, aerospace, defense, education, and other government-oriented businesses. Founded and headquartered in Washington DC, the company offers transformative solutions powered by advancements in generative AI to help clients secure government contracts and drive business growth.

PSci.AI positions itself as a game-changing force in the government contracting industry, with a mission to revolutionize the procurement landscape through innovative AI technology. The company aims to empower clients with increased efficiencies, strategic insights, and data-driven decision-making capabilities.

Products Overview

PSci.AI’s core offering is an end-to-end AI-powered platform that covers the full lifecycle of government contracting, from opportunity identification to post-award analysis. Key features and capabilities include:

• Opportunity/Task Order Search: AI-powered tools to find relevant contract opportunities
• Bid/No-Bid Analysis: Advanced analytics to guide strategic bidding decisions
• Proposal Drafting: AI-assisted rapid proposal generation and refinement
• Compliance Checking: Automated compliance verification against RFP requirements
• Competitive Insights: AI-driven analysis of competitive landscape
• Post-Award Analysis: Tools to analyze win/loss factors and improve future bids

The platform leverages cutting-edge generative AI and natural language processing to automate and optimize various aspects of the government contracting process. It aims to significantly increase efficiency, allowing clients to respond to 8x more opportunities and achieve over 90% efficiency gains.

PSci.AI offers both cloud-hosted multi-tenant deployments as well as on-premise options for clients with strict data security requirements. The company emphasizes its commitment to data privacy and security.

Founding Team

The leadership team brings together expertise in government contracting, artificial intelligence, and enterprise software:

• Christian Ferreira - CEO & Founder: Former government contractor and military leader with experience in building businesses and developing next-gen software solutions.

• Matt Pinkston - Chief Growth Officer: Over 40 years of IT experience including 30 years in government contracting. Previously held leadership roles at EDS and Technomile.

• Basit Mustafa - Chief Technology Officer

• Larry Pitts - Director of Customer Success: Over 10 years of experience in government contracting across state and federal agencies.

The company also has several advisors with deep industry expertise, including Dr. Alexander Wissner-Gross, an award-winning computer scientist and AI expert.

Problem and Market Fit

PSci.AI addresses key pain points in the government contracting process, including:

• Time-consuming and inefficient proposal development
• Difficulty in identifying relevant opportunities
• Challenges in ensuring compliance with complex RFP requirements
• Limited insights for strategic bid/no-bid decisions
• Inefficiencies in post-award analysis and continuous improvement

By leveraging AI to automate and optimize these processes, PSci.AI enables government contractors to dramatically increase their capacity to pursue opportunities, improve win rates, and drive business growth. The platform is designed to serve a range of clients from Fortune 500 companies to small and mid-sized businesses in the government contracting space.

Business Model

PSci.AI operates on a software-as-a-service (SaaS) model, providing its AI-powered platform on a subscription basis. While specific pricing details are not provided, the company mentions positioning its solutions to be affordable for SMBs while being robust enough for large government contractors.

The company offers volume-based discounts for enterprise deployments with 15+ licenses. They also provide discounts for veteran, woman, and minority-owned businesses.

Funding and Runway

In April 2024, PSci.AI raised $10 million in Series A funding to accelerate its growth and product development. The round was led by Battery Ventures with participation from Tower Research Capital. This funding is expected to support the company’s expansion and continued innovation in AI-powered solutions for government contractors.

Competitive Landscape

While PSci.AI claims to be a leader in the “GenAI business development efficiency space” for government contractors, they acknowledge that numerous companies are emerging in this sector. PSci.AI aims to differentiate itself through:

• End-to-end workflow automation covering the full contracting lifecycle
• Multi-tenant and on-premises architecture options
• Strong focus on data privacy and security for enterprise AI
• Unparalleled access to third-party data
• US-based staff and dedicated customer success managers

The company positions itself as offering industry-leading solutions at an affordable price point compared to competitors.

Customers

PSci.AI serves a diverse range of clients in the government contracting space, including:

• Fortune 500 companies
• Mid-market organizations
• Small and mid-sized businesses
• Government contractors
• System integrators
• Non-profits
• Architectural Engineering Construction (AEC) firms

The company claims to have over 100 businesses and 700 teams using its platform, including several unnamed Fortune 500 clients. Customer testimonials highlight significant efficiency gains, with one client reporting a 65% increase in capacity to respond to RFIs within two months of using the platform.

Relevant News

• April 9, 2024: PSci.AI raised $10 million in Series A funding led by Battery Ventures with participation from Tower Research Capital. The funding will be used to accelerate growth and product development.

• June 27, 2023: Tower Research Capital made a strategic investment in PSci.AI, signaling confidence in the company’s vision for transforming government contracting through AI.

The company appears to be in a rapid growth phase, actively hiring for key roles like Senior Software Developers and Customer Success Managers to support its expansion. PSci.AI’s focus on leveraging generative AI for government contracting efficiency positions it well to capitalize on increasing adoption of AI technologies in the public sector procurement space.