Bubo.AI secures an extra £250,000 in funding from the NPIF
Middlesbrough-based Bubo.AI has secured a further £250,000 funding from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF).
The company completed a £500,000 funding round led by NPIF last year to help bring the software to market. The software, which was adopted by Tarmac at an early stage, has also attracted several new multinational clients and is being trialled by other large corporates worldwide.
Bubo.AI’s platform uses artificial intelligence (AI) to track customer behaviour and recommend the optimum price based on what the customer is willing to pay and what the vendor is willing to accept. It is designed for any business with complex pricing models, such as distributors and merchants.
Bubo.AI was founded in 2019 by Alan Timothy and Marcin Lisowski, who had worked together as consultants to create a pricing system for a client, and AI expert Professor Huseyin Seker from Birmingham University. It currently employs nine people in Middlesbrough and is planning to create 10 new jobs in the year ahead.
Alan Timothy, the company’s CEO who also founded software firm i-snapshot, says: “Bubo.AI is the only AI-driven pricing software that takes the perceived value to customers into account. This funding will allow us to maintain our position at the leading edge of AI and establish the software as the world leader in its field.”
Simon Crabtree, Investment Manager at Mercia added: “Bubo.AI could help companies to revolutionise their approach to pricing and transform their profitability. Alan and the team are pioneering new levels of sophistication in pricing software. We are pleased to continue to support them as they build their reputation and their global client base.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.