To determine what a company’s standard terms are, the startup’s machine learning algorithm analyzes its existing contracts. is also able to show, through simulations, how much more revenue a business might be able to earn by tweaking certain contract terms, he adds. “We can start a conversation with 5 million suppliers and in 15 minutes, negotiate bespoke contracts for each of them, and automatically update the contract terms,” he says.
The idea behind Pactum, Kaspar says, it to deploy the chatbot with firms that have hundreds of thousands or millions of suppliers, which means they previously have relied on standard contracts. A third co-founder, Martin Rand, who is now Pactum’s chief executive officer, worked at Skype as a product manager before going on to found farm management technology company VitalFields, which was acquired by Monsanto in 2016. Kaspar is now Pactum’s chief product officer, while Kristjan is serving as its chief technology officer. Kaspar Korjus, who previously helped create the Estonian government’s e-Residency program, co-founded Pactum with his brother, Kristjan Korjus, who previously headed artificial intelligence for Starship Technologies, an autonomous delivery robot company also founded and backed by Estonian Skype alumni. They have collectively put about $1.15 million in pre-seed funding into Pactum.
The company is based in Mountain View, Calif., with engineering offices in Tallinn, Estonia, where Skype’s first engineering offices were also located.Īmong those investing in the small startup are Jaan Tallinn, a Skype co-founder who has become a prominent backer of A.I.-related startups and research groups, Taavet Hinrikus, an early Skype employee who went on to found international payments firm TransferWise, Ott Kaukver, another early Skype employee who is now the chief technology officer at Twilio, and Sten Tamkivi, a general manager at Skype who is now chief product officer at Topia. The bot can offer changes to standard terms, including price, delivery conditions and days to pay, in order to reach a better deal. Founded late last year but only emerged from stealth mode on Wednesday, Pactum uses a chatbot-like interface to conduct contract talks.
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