Pace, a London, UK- and Vienna, Austria-based startup that uses machine learning and dynamic pricing to help hotels maximize revenues and occupancy, raised £2.5m in seed funding.
The round was led by InterGlobe, with participation from Seedcamp, Speedinvest and Amadeus Capital Partners.
The company intends to use the new funds for further science and technology development, as well as for expansion of its commercial teams.
Founded in London in 2016 by Jens Munch, John-Paul Clarke and Jason Pinto, Pace is a science and technology company that uses machine learning and proprietary algorithms to provide real-time pricing for the hotel industry. The software enables hotels to understand the connection between price and bookings, allowing them to respond immediately, to improve revenues and optimize occupancy.
Built on machine learning, Pace fully automates pricing decisions within 24 hours of integrating with a hotel’s property management system. Currently targeting boutique and independent hotels, the company is working in closed beta with 20 properties across 5 markets, including innovative brands such as Prague’s Emblem Hotel and the Teleport Hotels in Amsterdam and Hague.