Buynomics, a Cologne, Germany-based provider of a SaaS platform to support enterprise customers with their commercial decisions, raised €13M in Series A funding.
The round was led by Insight Partners with participation from LaFamiglia, Seedcamp, Dieter von Holtzbrinck Ventures, and Tomahawk.
The company intends to use the funds to widen its lead in predicting consumer behavior in the field of revenue management and commercial decisions, grow the product and commercial teams, and expand into the US market.
Founded in 2018 by Dr. Ingo Reinhardt, Dr. Sebastian Baier and Dr. Emilio Matthaei, Buynomics leverages machine learning (ML) and insights from behavioral economics to simulate how consumers make purchasing decisions. The company has developed the Virtual Customer technology that models the preferences and buying decisions of large groups of individual customers. This technology allows Buynomics to take full advantage of recent developments in ML and to integrate large amounts of data from a broad range of sources such as transaction or survey data. This results in precision and the ability to cover a much wider range of revenue management capabilities to clients, including the optimization of price changes, promotions, and product innovations.
The startup has a diverse team of over 50 people with 17 different nationalities and plans to open its US office in Q1, 2023.
FinSMEs
15/11/2022