The artificial intelligence-based system selects the best price for rooms and analyzes the actions of competitors.
Hotellab will spend investments to expand its business and enter the markets of Europe, Africa and the Middle East, the company told vc.ru.
The company attracted investments in the form of a convertible loan. Startup Lab and Iskra Ventures are planning to invest up to $ 400 thousand in Hotellab during the year after confirming the sustainability of sales growth in the European and other target markets. According to the founder of Startup Lab Fyodor Yakovlev, sales of the service are growing by 10-20% every month.
Hotellab is an AI-powered hotel service that offers the best price based on market conditions, sales, elasticity of demand, competitors’ actions and other factors.
The service can also predict hotel loading, analyze bookings and suggest dates when a hotel can earn more through its own website without intermediaries. According to the company, the Hotellab service helps to increase hotel revenues by 12-20%. Subscription for hotels costs € 150-500 per month, there is an additional rate depending on the number of rooms.
The system is used by hotels of international chains in Russia, for example, Marriott Moscow Novy Arbat and Lotte Hotel Samara, there are clients in Turkey, Croatia, Estonia and other countries. Hotellab’s revenue grew fivefold in a year, the company said.