UK-founded “trading platform” for hotel rooms Hotelmize has raised $3.8 million in funding from Investible, an Australian-based early-stage investment group.
Hotelmize's product is a machine learning-powered platform for hotel room resellers, which predicts changes in the prices over time. “Through the use of AI and big data, Hotelmize knows the future price of each reservation, allowing resellers to access the lowest price over time, thereby increasing their margins,” the company stated in a press release. Hotelmize claims to have increased net profits for its customers by 30 percent.
Founded in 2015, Hotelmize currently employs 15 people and works with more than 20 clients in eight countries. The company plans to use the fresh funding to open local offices in some of the markets it's serving.