akirolabs, a Berlin-based ProcureTech company, has secured a substantial non-dilutive grant from Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF). This funding, awarded for akirolabs’ innovation in integrating AI into strategic procurement, will be used to further develop akiroAssist, their leading expert large language model (LLM) for strategic procurement. The grant follows a successful $5 million seed round earlier this year led by High-Tech Gründerfonds (HTGF), OTB Ventures, and D11Z Ventures. Key elements of akirolabs’ development include unique procurement domain expertise, an innovative procurement methodology, and a cutting-edge AI engine leveraging LLM, Retrieval-Augmented Generation (RAG), and ontology. CEO Michael Pleuger expressed gratitude for the grant, highlighting the support from IBB ProFIT and ERDF as a testament to their advancements in the ProcureTech sector.
ProcureTech, Artificial Intelligence (AI), Software as a Service (SaaS),Germany, European Union
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