TechnoMile has received $20 million in funding from K1 Investment Management and will use the funds to advance hiring efforts and further improve its cloud software offering for government contractors.
TechnoMile’s cloud platform combines internal and external data sources and uses artificial intelligence, machine learning and automation to help GovCon firms gain actionable insights, navigate the entire contracting process, win contracts, streamline contract administration and meet compliance needs, the company said Tuesday.
Ashish Khot, founder and CEO of TechnoMile, said the company seeks to support government contractors throughout the contract lifecycle by providing them with technology platforms that uses AI, data mining and machine learning.
“Given the market’s demand, the timing was right to secure a funding relationship with K1, who believes in our vision of helping customers work smarter and drive growth through industry-specific platforms,” added Khot.
McLean, Virginia-based TechnoMile has over 150 clients, including defense and government contractors. The company said its cloud platform can increase contract win rates by 11 percent.
TechnoMile is sponsoring GovCon Wire’s A Blueprint for a Modern, Data-Driven Approach to Capture Management Webinar on Aug. 4. Click here to gain additional information about the webinar, or visit GovCon Wire Events page to learn more about upcoming events.