Dynamic Pricing AI, a Sofia, Bulgaria-based retail pricing management startup, raised €600,000 in its seed funding round.
The round was led by Vitosha Venture Partners, with participation from Sofia Angels Ventures (SAV) and angel investors from the USA and the UK.
The fresh fund will be used to expand its team of data scientists and developers, as well as continue with its product development and customer acquisition.
“We are launching an innovative AI product that explores optimal pricing policies using contextual data. People are often biased when setting up prices, yet the model learns in an online fashion and constantly improves toward the objectives,” Simeon Lukov, CEO of the company, commented.
Dynamic Pricing AI offers a tool that optimizes pricing strategies for retailers and brands, with a focus on Direct-to-Consumer (DTC) brands. It develops reinforcement learning models that use market signals to improve supply-demand balance and increase sales and revenue.
Company: Dynamic Pricing Ltd.
Raised: €.60K
Round: Seed Round
Funding Month: April 2023
Lead Investors: Vitosha Venture Partners
Additional Investors: Sofia Angels Ventures (SAV)
Company Website: https://dynamicpricing.ai/
Software Category: Pricing and Promo Automation for Retail
About the Company: Founded in 2017, Dynamic Pricing AI is an e-commerce software company helping with pricing management. The company's platform plays a central role in repricing the entire retail portfolio using predefined rules and out-of-the-box strategies, and a data-driven approach takes into account competition, real-time demand, and inventory to adjust prices for optimal profit. The company’s mission is to help teams around the world be flexible in creating, executing, and improving pricing processes.
Source: https://ain.capital/2023/04/05/dynamic-pricing-ai-raises-600k-seed-round/