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Pryzm, a startup focused on transforming the government contracting landscape, has announced a successful $2 million pre-seed funding round. The investment was led by XYZ Venture Capital and Amplify. LA. Founded in 2022, Pryzm aims to streamline the bidding process for defense tech companies by providing a comprehensive data dashboard and tools to enhance their chances of securing government contracts.
The company, founded by Nick LaRovere, Matt Hawkins, and David Istrati, emerged from the founders’ experiences with the complexity of military contract bidding. LaRovere, a former Palantir employee, along with Hawkins from Lockheed Martin and Istrati, a former cloud engineer, recognized the need for a more efficient way to navigate the convoluted world of government contracts.
Pryzm’s platform aggregates data from various sources, including contracts, congressional hearings, and news reports. It offers a personalized dashboard that highlights unallocated funds, identifies key decision-makers, and provides insights into successful competitors’ strategies. This approach aims to give defense tech startups a clearer understanding of potential opportunities and how to position themselves effectively.
The startup’s service comes at a crucial time, as startups often struggle to gain traction in a field dominated by established giants. Pryzm seeks to bridge this gap by offering tools to manage data throughout the contracting process and by extending its services beyond just startups. The company plans to support major defense contractors as well and eventually expand into other government contracting areas.
XYZ Venture Capital’s Ross Fubini, who co-led the pre-seed round, expressed optimism about Pryzm’s potential impact. With a background in advising Palantir and investing in Anduril, Fubini believes that innovative defence tech startups like Pryzm can contribute to a more stable society by improving the products and services available to government agencies.