UK-based machine learning solution Pace has closed a ?2.5m seed investment led by InterGlobe.
Other participants to the round included Seedcamp, Speedinvest and Amadeus Capital Partners.
Founded in 2016, Pace is a hotel room pricing automation platform to ensure rooms are sold at optimum value, responding instantly to consumer demand and price elasticity. The company uses machine learning technology to automate the prices, through real-time market intelligence.
Currently, the solution is aimed towards boutiques and independent hotels. Pace is in its closed beta, working with 20 properties in five markets, with these clients including Prague Emblem Hotel and the Teleport Hotels in Amsterdam and Hague.
Proceeds from the seed round will help Pace to expand its science and engineering team and further develop the platform.
InterGlobe strategy executive director Neena Gupta said, ?Businesses across the travel industry have been constantly seeking smarter technological solutions to enable robust price management. The talented team at Pace has demonstrated that a tech-enabled automated approach has the potential to revolutionise the industry.p>
Last month, Seedcamp hit the ?41m first close of its new investment vehicle, having already received contributions from 60 backers. This new fund will look to invest around 15 per cent of its capital pool in to the FinTech market, but this could see a higher percentage through overlaps like PropTech.
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