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A year after its launch in our studio, we are thrilled to announce that Tengo (HX23) has raised €3 million in a funding round led by Point Nine, with additional participation from several prominent business angels. Congratulations to the Tengo team!
Revolutionizing public tenders with AI
Hugues Renou, CEO & co-founder of Tengo, and Yoann Gauthier, CTO & co-founder of Tengo, have identified a significant pain point in the public tendering process: the complexity and time-consuming nature of bidding for public contracts. Their solution? An AI-driven SaaS platform that simplifies and centralizes the entire tendering process.
Public tenders involve massive document analysis and production, making it an ideal use case for AI. Tengo's technology centralizes everything, allowing businesses to efficiently detect, analyze, and respond to tenders. This transformation of unstructured data into valuable insights significantly simplifies the process.
“Tender applications are often viewed by respondents as a ‘documentation nightmare’. Artificial intelligence excels at handling documents: it can extract precise information — for example, identifying all the requirements set by the buyer — and also generate documents based on existing system data.These are the reasons that convinced us to launch Tengo, to help companies win more tenders" - Yoann Gauthier, co-founder and CTO at Tengo
As of today, Tengo's clients benefit from:
- Continuous Stream of Opportunities: Over 600 public tenders are published daily on the platform, providing businesses with a steady flow of new opportunities.
- Faster Qualification: Tengo’s AI allows companies to qualify tenders 10 times faster, swiftly identifying the most relevant opportunities.
- High Contract Renewal Detection: More than 50,000 contract renewals have been detected, ensuring businesses do not miss out on ongoing opportunities.
- Increased Success Rates: By automating document analysis and response, Tengo significantly increases businesses' chances of winning contracts.
- Improved Efficiency: The platform streamlines the entire process from detection to submission, saving time and reducing the complexity involved.
What the Tengo team has achieved in one year
In just one year, the Tengo team has accomplished remarkable feats:
- Launched their MVP: A fully functional minimum viable product that quickly gained traction in the market.
- Acquired Notable Clients: Including OpenClassrooms, Theodo, Citron, and Carrefour Pro, across various sectors.
- Built a Passionate Team: A dedicated team driven by a shared vision to transform public tendering.
- Achieved Significant Client Wins: Clients have won over €35 million in public contracts using Tengo.
The team will use the funds to accelerate AI integration and expand Tengo's presence in the French market. They plan to enhance the platform’s capabilities, making public tenders more accessible and manageable for businesses of all sizes.
We are excited to see Tengo’s continued growth and impact in the public tendering space and will miss their dynamic presence in the studio.
Stay updated with Tengo: www.tengo.cc
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