ContraVault AI, a promising startup focused on revolutionizing tender and RFP management through artificial intelligence, has successfully secured Rs 5.1 crore in a seed funding round.
The investment was led by Titan Capital, with notable participation from investors such as Rajiv Ahuja, Haresh Chawla, and Abhishek Goyal, among others.
Addressing Procurement Challenges
Founded in 2023 by Sayan Sen, Tanmay Juneja, and Isha Juneja, ContraVault AI aims to address a persistent challenge in enterprise procurement: the complexities of managing tender documents.
Historically, processes involving compliance evaluation and clause negotiations have been tedious and prone to errors. By leveraging AI, ContraVault AI streamlines these tasks, significantly improving efficiency for businesses.
The platform is designed for a range of users, including enterprises, legal teams, and government contractors. It utilizes proprietary algorithms to provide insights throughout the tender lifecycle.
With its AI engine trained on over one lakh tender documents, the platform offers automated risk analysis, clause-level negotiation support, and document summarization, enabling users to make informed decisions swiftly.
Plans for Future Expansion
The recent funding will support ContraVault AI’s efforts to deepen its verticalization across sectors such as EPC, energy, and IT, where tendering processes can be particularly intricate. Additionally, the company aims to scale its sales operations within India’s under-digitized procurement space, with aspirations for global expansion.
“This fundraise marks a critical milestone as we explore a greenfield opportunity,” stated Isha Juneja, COO and co-founder of ContraVault AI. She emphasized the platform’s growing traction among large organizations and law firms. CTO Tanmay Juneja highlighted the potential for significant growth this funding unlocks.
Titan Capital regards ContraVault AI as a game-changer in the enterprise workflow landscape. A spokesperson noted that the AI engine goes beyond merely reading documents; it comprehends them, making it an invaluable tool for enterprises navigating the complexities of compliance and risk.
This investment underscores Titan Capital’s belief in the startup’s potential to transform the procurement process for demanding enterprise clients.
