Revolut alum raises £2m for startup utilizing AI to barter high-value offers

Monq, a brand new AI startup launched by alumni from Revolut and Deutsche Financial institution, has emerged from stealth with $3m (£2.3m) in funding.

Based to sort out the guide processes and inefficiencies of high-value multi-million pound provider contracts, Monq has developed a multi-agent AI system that makes use of “LLM reasoning, contract intelligence and behavioural sciences” to barter them.

“Strategic procurement is without doubt one of the final frontiers for true automation as a result of a lot of it stays powered by instinct,” mentioned Monq co-founder and chief govt Yasin Bostancı.

“All through my earlier roles, I noticed simply how a lot intuition drives outcomes, but in addition how a lot time is wasted and the way a lot worth is being left on the desk as a result of intuition alone can solely go up to now.

“Our purpose at Monq isn’t to exchange that judgment however to amplify it. By empowering procurement groups with robust, actionable, data-driven and clever insights, we’re giving enterprises the velocity, readability and confidence to barter at a completely new scale whereas unlocking billions in hidden deal move, worth and effectivity earlier than that worth is misplaced to the corporate.”

Bostancı beforehand labored as an working companion at Revolut’s CEO workplace. Fellow co-founder Duygu Gözeler Porche’s background has seen him work at main banking organisations together with Deutsche Financial institution and HSBC.

“Companies stay and die by the offers they make. The typical enterprise spends greater than half of their working earnings buying providers and/or merchandise to maintain operations working, that means procurement is a core driver of efficiency, resilience and progress,” added Porchet.

“At Monq we’re tackling this head on by giving firms the boldness to barter smarter, quicker, and at a higher scale than ever earlier than.”

The spherical was led by Outward VC with participation from Cornerstone VC, Portfolio Ventures, Octopus Ventures, Endurance Ventures, Lakestar Halo and angels.

Devin Kohli, a companion at Outward VC mentioned: “Monq’s AI platform has the potential to redefine enterprise procurement completely. The strategic procurement area is a blue ocean for AI innovation and Monq’s distinctive AI-human strategy is already unlocking thousands and thousands in measurable financial savings whereas reworking how enterprises work. We’re delighted to be partnering with Yasin, Duygu and staff.”