Aiming to redefine enterprise negotiations, London-based company Monq has launched an AI-driven platform following a successful pre-seed funding round of $3 million. With a focus on high-value supplier contracts, Monq aims to streamline processes traditionally dominated by manual labor and intuition. The founders, Yasin Bostancı and Duygu Gözeler Porchet, bring expertise from Revolut and Deutsche Bank to this venture, addressing inefficiencies in negotiation processes across essential sectors.
Unlike past attempts where AI was incorporated into existing methods without substantial effectiveness, Monq seeks to introduce fundamental changes. The AI platform incorporates multi-agent systems that use advanced reasoning, contract intelligence, and behavioral analytics to provide valuable insights during negotiations. By leveraging these technologies, Monq offers solutions that allow teams to make informed decisions rather than relying solely on human intuition.
How Monq’s Approach Differs?
Unlike many existing technology solutions, Monq’s system emphasizes assisting rather than replacing human involvement. Their platform simultaneously analyzes historical deal data, supplier performance metrics, and negotiation behavior to predict counterparty actions and suggest negotiation tactics. This allows procurement teams to keep control while focusing on strategic objectives.
What Impact Has Monq Had in Early Pilots?
Initial trials with partner firms have demonstrated significant results. Monq claims to have reduced costs by up to 40% and accelerated deal cycles by a factor of five. These pilots spanned various sectors, including consulting, professional services, and logistics. Such outcomes highlight Monq’s potential in capturing additional value and mitigating inefficiencies in the negotiation process.
The fresh capital injection will bolster Monq’s efforts to scale current pilot projects and expand its operations in the EU, US, and Middle East markets. Monq operates on a subscription basis, with plans to adopt a value-based pricing model where clients pay a percentage of savings generated by the platform.
Yasin Bostancı, Monq’s CEO, points out the existing reliance on human insight and the opportunities Monq unlocks.
By empowering procurement teams with strong, actionable insights, we’re giving enterprises the speed, clarity and confidence to negotiate at a new scale while unlocking billions in hidden deal flow, value and efficiency before that value is lost to the company.
Furthermore, Monq intends to hire full-time engineering and product teams to support its growth. This will ensure the development and implementation of the AI platform on a global scale, further enhancing its capabilities and reach.
Strategic negotiation has remained relatively unchanged despite being a core aspect of every large enterprise. Monq’s solution has the potential to offer significant advantages by providing data-driven insights. Such processes could address the limitations of current manual operations and bring considerable benefits to the field of procurement. Without excessive reliance on human intuition, organizations could achieve higher cost savings and increased efficiencies.
