Tengo Simplifies Public Sector Procurement with AI
Tengo, a software-as-a-service tool, uses artificial intelligence to find, evaluate, and respond to public tenders. The startup, founded last year, has raised a €3 million funding round led by Point Nine.
In France, the government spends half a billion euros every day, and Tengo aims to simplify the process of public tenders. The company's co-founder and CEO, Hugues Renou, explained that the government's spending includes roundabouts, school chairs, and training services.
Tengo's clients create a feed of public tenders by defining their criteria. The platform then scans all public portals to find new tenders that match those criteria. Public tenders are often extremely precise to avoid corruption or overspending, and companies usually end up reading through documents that can be up to 50 pages long.
One of Tengo's clients, OpenClassrooms, uses the platform to find training courses that are 100% online. Tengo identifies this element automatically, along with 40 other criteria. The platform uses AI to analyze the information contained in the documents, highlighting key aspects and referencing important pages.
Tengo also acts as a central repository for all things related to public tenders. Companies get an overview of all the applications that are currently in progress, and employees can add comments and share a tender with another team member. The platform also sends alerts when a tender is about to expire and gets renewed.
When it's time to submit an application, Tengo has built-in AI integrations to generate documents. This feature eliminates the need to switch to another service, making the process more efficient.
Eventually, Tengo hopes to enable multiple clients to collaborate and provide a joint application to a public tender. The government encourages SMEs to bid for public contracts, as they have a level of expertise that big companies don't, and it's a way to use public money to fund many more companies in the economy.
Image Credits: Tengo
Image Credits: Tengo
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