Photo: Cliwant product

Cliwant successfully secured its Pre-A funding round just 9 months after its establishment. This recent investment was jointly led by BonAngels Venture Partners, which also conducted the seed funding, and a new investor, Blue Corner. Considering it typically takes 2-3 years to secure Pre-A funding, the success reflects Cliwant's advanced technological capabilities and significant business potential.

Cliwant leverages AI and big data to help companies find government opportunities across all public institutions using real-time bid data from federal, state, local, and educational sources. Its core feature provides tailored bid recommendations through similarity analysis of 10 years' worth of RFPs and government contracts. Additionally, it automatically identifies detrimental risk clauses, recommends bid prices, searches competitors’ past bid performances, and analyzes annual government budgets.

Currently, Cliwant has acquired over 50 clients, ranging from large corporations to startups across various sectors, including software development, education, ESG, consulting, telecommunications, and event planning. As the economy faces challenges, more companies are recognizing the attractiveness of government projects and turning to Cliwant for public bidding opportunities. For instance, a large corporate client significantly reduced costs involved in competitor and budget analysis when planning annual business strategies and saved considerable resources on RFP analysis and bid searches through AI automation.

Cliwant aims to lower entry barriers in public procurement and help companies secure stable revenue streams and credible references. Increased participation of competitive companies in the bidding market is expected to lead to a more efficient use of public funds, which are derived from taxes.

While the bid analysis and matching features are designed to increase revenue, new features launching in Q3, such as bid document automation, are intended to assist with practical tasks. These enhancements aim to reduce repetitive document work from two weeks to just ten minutes, enabling companies to focus more on critical planning activities.

The domestic procurement market in Korea is a substantial industry valued at approximately $140 billion USD. The market size is $700 billion USD in the U.S., $550 billion USD in Japan, and $60 billion USD in Singapore. Given that overall bidding systems differ only slightly by country, the potential for global market growth is immense. In Singapore, where most projects are federally led, understanding public bidding is especially essential.

With the utilization of the latest LLM technology and big data analysis, Cliwant stands out with no clear global competitors yet. This distinction led to the company being recognized by OpenAI in March this year with the "Most AGI Potential Award."

Junho Cho, the CEO of Cliwant and a 14-year veteran global bidding expert active in Singapore, Hong Kong, and Korea, stated, “The bidding market was typically neglected and outdated, but Cliwant's recognition through this investment reflects its potential. We will rapidly expand into the Singapore and U.S. markets in Q3 this year and continue to enhance our solutions to dominate the global market."

Cliwant  : https://en.cliwant.com/