OTA Insight, a UK company developing software for the hotel industry, has raised $20 million led by Eight Roads Ventures alongside F-Prime Capital Partners.
The startup’s cloud-based platform helps hotels manage their revenue streams and profits by monitoring competitor rates, demand forecasts, and reviews in real time. The platform currently has 16,000 properties registered, including hotel groups like Hilton, Best Western, and Accor.
The new funds will be used to further develop the platform, specifically its AI and machine learning functions, by adding to the company’s engineering, marketing, and business development teams.
“Our customer-first approach has allowed OTA Insight to create a simple-to-use platform that addresses the needs of revenue managers across a broad range of accommodation types,” said Adriaan Coppens, CEO of OTA Insight. The investment will aid the company’s global growth, he added.
Eight Roads Ventures partner Michael Treskow will join OTA Insight’s board of directors.