New funding accelerates AI-powered platform to help bridge the gap in government acquisition for emerging technologies
BOSTON, Aug. 28, 2024 /PRNewswire/ -- Pryzm officially launched today to make it easier and faster than ever for technology companies to accelerate government contract capture with the help of AI. At the same time, it announced its $2 million funding round co-led by top defense tech investor XYZ Venture Capital — an early backer of Anduril — and Amplify.LA, with participation from First In and strategic individuals enthusiastic about Pryzm's mission to disrupt public sector procurement.
Today's government contracting toolkit is often reactive. Contractors either burn all their time exploring opportunities that come to them (many of which aren't relevant), or tackling a fragmented, opaque process to get in front of the right government buyers without all the information they need. Pryzm, by comparison, takes a more proactive approach by delivering targeted, holistic data to drive users' efforts to capture government business.
"The Pryzm team could not be more perfect to solve this problem — all their experience gives them a massive lead over any potential competitor," says Ross Fubini, Managing Partner at XYZ Venture Capital. "They understand the needs here at such a detailed level, it's no wonder they've already attracted many of the biggest name contractors who want to stay on the cutting edge."
The Pryzm team is uniquely positioned to tackle these challenges because of their experience in both the worlds of public sector procurement and acquisition, as well as big data and artificial intelligence. Their deep industry knowledge was built in prior roles at Lockheed Martin, Palantir, Veridion, and Tesla, and is complemented by technical expertise that has resulted in significant market traction. Already, Pryzm has partnerships with notable companies such as Forterra, AFRL's Griffiss Institute, and Decisive Point, among others.
"Pryzm provides targeted intel at exactly the right time, along with the tools to operationalize it into real world actions." says Pat Acox, Vice President of Defense Growth at Forterra, a Pryzm customer. "Data at the right time and place is what wins, and Pryzm excels at delivering that value to our team."
This summer's infusion of capital is accelerating Pryzm's development and expansion, enabling the company to continue growing the product's functionality while reaching more companies that can serve the federal government. Ultimately, such support bolsters Pryzm's mission to make government contracting more accessible, transparent, and efficient, helping the best companies unlock their potential in the public sector.
"With Pryzm, we're building the toolset we want ourselves as government contractors: proactive, rather than reactive, and designed for the nonlinear way that you actually win business." says Nick LaRovere, co-founder and CEO of Pryzm. "We lean into simplifying what was once complex — connecting disparate information into one cohesive picture, specifically tailored towards your business."
About Pryzm Dynamics Inc.
Founded by alumni of Palantir and Lockheed Martin, Pryzm is a leader in enabling technology companies to 'connect the dots' of complex public sector business development. The company provides its customers unparalleled access to the tools, data, and context required to proactively navigate the intricacies of government contracting.
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SOURCE Pryzm Dynamics Inc.
