App that identifies risks in tenders targets UK

Oslo-based Volve developed and launched its AI app in 2024. It is now used on more than 2,500 projects by Nordic contractors; the company counts Skanska among its customers.

The Volve app reads the full tender documentation, maps how the requirements, scope and risks connect, and supports the team through the tender process, according to the company.

Volve co-founder and CEO Herman B. Smith said: “Most of what goes wrong on a construction project is decided before anyone breaks ground. The phase where projects are won, scoped and priced is also where the biggest risks get set. Not because people are careless, but because the information is incomplete, the pressure is high, and the tools haven’t kept up. That’s what we started Volve to fix.”

Volve cites a recent public infrastructure tender that comprised 213 documents as an example: the app found 20 risks and supported the comparison of 73 subcontractor bids.

The company has raised £2.2m to fund its expansion into the UK and continental Europe. Smith said: “This funding round strengthens our position in the Nordics and accelerates our international expansion. We have spent the last months building a graph structure that models how key project decisions relate across scope, requirements, risk and commercial terms. It lets our clients deliver more value, faster, on every new project they take on, and it lets us enter new markets without starting from zero.”

The funding round was led by Skyfall Ventures.