Bubo.AI, a Middlesbrough, UK-based provider of a price optimisation platform, raised £650k in growth funding.
Backers included NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, and private investors.
The company intends to use the funds to continue to expand operations and its business reach across Europe and North America.
Co-founded by serial entrepreneur Alan Timothy and Polish data analyst Marcin Lisowski, who joined forces with AI expert Professor Huseyin Seker of Staffordshire University, and ex-Microsoft marketing veteran David Shell, Bubo.AI provides a platform that uses artificial intelligence (AI) to analyze customers’ behaviour to understand what they are willing to pay, then recommends the optimum price to sales staff. The company also supports sales staff to avoid them giving unnecessary discounts. The platform, which is designed for wholesalers and distributors such as builders’ merchants and food services, allows them to base their prices on customer value rather than cost or other methods.
Bubo.AI, which was launched in 2019, is now used by clients including Tarmac, while the company has partnered with Teesside University and other institutions to promote the use of AI in pricing.