“Our system helps companies enable growth and bring in initially lost income through stronger agreements, while minimizing waste by conducting thousands of parallel automated negotiations at a time. We’ve converted a process that used to take days, involving back and forth communication and preparation, contracts drafts, updates, and approvals, and signatures, etc. to now take an average of 15 minutes,” explained Martin Rand, Pactum CEO.
Augmented artificial intelligence evaluates agreement terms and offers an unbiased resolution that can result in either business development or renewed agreements where both parties have been equally evaluated to support a fair deal. Based off of historical data, terms are suggested and discussed through an auto generated chat-like interface to generate a contract that is then ready for review and sign off. All this together helps companies improve their bottom line by implementing bespoke negotiation services for large volumes of incremental partners in every market, that might have previously been unmanaged.
“Organizations that have massive numbers of supplier contracts forgo value for their suppliers and themselves when they impose the same contract terms regardless of local conditions or the different services a supplier can provide,” said Jeanne Brett, Professor Emeritus, Kellogg School of Management, Northwestern University. “Solutions like Pactum’s that leverage AI to implement negotiation strategy have the potential to facilitate agreements that are unique to individual relationships and that capture value for both parties.”
Backed by #SkypeMafia
The team behind Pactum includes AI experts who have worked at successful startups and global tech companies, including Skype, Monsanto, e-Residency and Starship. Investors in the company are luminaries from the tech world including Jaan Tallinn, co-founder of Skype and Kazaa, Taavet Hinrikus, co-founder of TransferWise, Ott Kaukver, CTO of Twilio and Sten Tamkivi, GM at Skype and CPO at Topia. All are agreed on Pactum’s mission to develop an AI that strongly aligns with human interests and values, thereby creating technology that supports humanity overall.
“It is crucial that AI agents, as their capabilities increase, continue to be strongly aligned with human interests and values. This is an active area of research, called AI alignment. As this research is usually done in academia and non-profit context, it would be very valuable to complement it by commercializing parts of the problem. Pactum is doing just that.” – Jaan Tallinn, Pactum investor and Co-founder of Skype, Kazaa, The Centre for the Study of Existential Risk (CSER) and the Future of Life Institute, Investor in DeepMind.