New Funds for Pricing Intelligence Firm Bubo.AI

Bubo.AI, which uses artificial intelligence (AI) to predict the optimum price consumers are willing to pay for a product, has raised £650k funding to help scale its operations across Europe and North America.

The Middlesbrough, UK-based firm was launched last year by data scientist Alan Timothy (pictured) and analyst Marcin Lisowski, who worked with AI expert Professor Huseyin Seker of Staffordshire University, and former Microsoft marketer David Shell to develop their solution. The technology promises to deliver customer value-based pricing, auto-optimized based on demand and market changes.

The platform uses artificial intelligence and machine learning to analyse consumers' behaviour over time, understand the maximum price they are willing to pay for products and services, and then recommend the optimum price to sales staff. Through the tool, clients can assess and measure their business' data capabilities and competencies, and identify what data is required to improve it before putting in place an improvement plan. Bubo.AI also offers advanced analytics based on an AI framework, combined with guided implementation.

New funding comes from NPIF - Mercia Equity Finance (part of the Northern Powerhouse Investment Fund, which is supported financially by the EU), along with private investors. Timothy comments: 'Pricing has previously appeared like a dark art, and traditional approaches are problematic and not very effective. Trying to price match with competitors can lead to price erosion, especially in a downturn, while sales staff often resort to discounting to meet targets. Now for the first time our solution means companies can use customer value-based pricing, which could be key for them to recover revenue and build a roadmap to profitability in the post-Covid world'.

Web site: www.bubo.ai .