Procurement Sciences AI raises $10M Series A
The DC-area startup, aiming to simplify the government contracting process, won big last week.
Tech-focused investment firm Battery Ventures led the Series A funding round. Procurement Sciences AI CEO and founder Christian Ferreira told me he plans to use these funds to expand the company’s team.
“Up until now, we’ve been growing so quickly and been very constrained, as far as everyone’s been doing multiple roles — the classic startup lifestyle,” Ferreira told me. “Now, we finally have the additional capital … that we can bring on more people.”
➡️ Get more details on Procurement Sciences AI in my latest report.
Life sciences boom: What it means for tech
Although venture capital priorities are largely dominated by software, the life sciences sector has been getting more attention. There’s no doubt it intersects with tech — think biotechnology, medtech and healthtech.
In the first three months of this year, life sciences firms raised nearly 60% as much as software ones. And the DC-Baltimore area is among the 10 largest employment bases in the country for the sector. In other words: It’s booming, and it’s here to stay.
➡️ Learn about the life sciences sector, and why it matters, here.
News Incubator: What else to know today
• DC climate tech unicorn Acadia raised another $50 million during a recent funding round. [Washington Biz Journal]
• Two aerospace companies have been contracted by the Space Force for its next “responsive space” mission. [TechCrunch]
• Need a coworking space in Baltimore? Alanah Nichole Davis has you covered with 20 spots. [Technical.ly]
• Cvent, a hospitality and event tech provider based in Tysons, appointed a new chief customer officer. Andreas Heckmann will lead client services at the company. [Cvent]
🗓️ On the Calendar
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