COBALT advised a Berlin based early-stage investor Project A on its investment into Estonian start-up Pactum, an AI-based platform that enables global companies to automate personalized commercial negotiations on a massive scale.
$3 million seed financing round was led by Berlin-based Project A with investments by DocuSign (NASDAQ: DOCU) and other previous Pactum investors.
Pactum was founded in 2019 to help companies uncover hidden value in supplier contracts. Many Fortune Global 2000 companies have thousands of vendors with contracts that have been neglected for long periods of time because the value of the contracts are too small and too numerous to warrant proper procurement specialists’ time. Pactum autonomously negotiates these supplier contracts, which releases significant capital to the bottom line while also improving terms for vendors. Walmart is one of the first customers Pactum is able to disclose.
“We are convinced that AI-based systems will shape the future of commercial negotiations. Pactum is well on its way to play an essential role in this future. Therefore, we are happy to support this great company,” said Uwe Horstmann, General Partner of Project A.
COBALT advised the client on local law matters and conduced the legal due diligence.
Please see the media coverage from here: https://www.businesswire.com/news/home/20200629005295/en/AI-Negotiation-Platform-Company-Pactum-Closes-Seed