Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

London AI Startup Pace Raises £2.5M in Seed

Pace,  a London-based startups applying machine learning to the hospitality industry has secured £2.5 million in a Seed round led by InterGlobe— which owns India’s larges airline IndiGo. The round was also backed by Seedcamp, Speedinvest and Amadeus Capital Partners .

Funded in 2016 by Jens Munch, John-Paul Clarke, and Jason Pinto, the company uses artificial intelligence technology to automate the management and pricing of hotel rooms depending on occupancy, demand and price sensitivity.

Right now, Pace is running beta trials in 20 hotels, including Prague’s Emblem Hotel and the Teleport Hotels in Amsterdam and The Hague.

The company is planning to use the fresh cash to improve its technology and grow its commercial team.

 

Company CEO Munch said in a statement: “Static and inefficient pricing has held hotels back for too long. Drawing on research from finance and aerospace, we want to raise the bar for revenue management and help hotels sell every room at the optimum price.”

“We’re excited to announce this investment, which lets us expand our science and engineering team and give hotels the solution they deserve.”

InterGlobe executive director Neena Gupta also commented on the investment. “Businesses across the travel industry have been constantly seeking smarter technological solutions to enable robust price management,” Gupta said.

“The talented team at Pace has demonstrated that a tech-enabled automated approach has the potential to revolutionise the industry. Pace will lead the way in transforming revenue management not only for the hospitality industry but also for other relevant industries”

Image via bit.ly/2jXB8tx

 

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