LONDON—OTA Insight has raised $20 million in financing. Eight Roads Ventures led the funding round, with participation from F-Prime Capital Partners and previous investors. The cloud-based data intelligence solutions provider is expected to use the financing to continue its platform growth.
“OTA Insight plans to further build out our platform, specifically focusing on advancing our machine learning and AI capabilities in our additional product developments to help further assist properties more efficiently and profitably manage their online pricing and distribution,” said OTA Insight co-founder and Chief Commercial Officer Gino Engels. “These initiatives will help the hospitality industry truly harness the power of data.”
OTA Insight also has plans to invest part of the funding in team expansion. “OTA Insight will further fortify its talented pools of engineers at the company’s global research center in Ghent, Belgium, as well as increasing staff across business development and marketing teams in Europe, in the United States, Latin America, Africa, Asia and the Pacific to align with growing demand for OTA Insight’s hospitality solution,” he said.
The company is not disclosing financing amounts raised in previous rounds. Although there are no immediate plans for additional financing, OTA Insight is open to the possibility of securing more funding “in the future if the right situation occurs,” the company’s executive said.
Designed to help hotels, resorts and vacation rentals optimize their revenue and improve profitability, the platform provides revenue managers with real-time access to competitor rates, online channel insights, ratings, reviews, market-specific events and demand forecasts.
OTA Insight can be found at more than 16,000 properties in 134 countries. Hospitality groups already leveraging the company’s platform include Carlson Rezidor Hotel Group, Hilton, AccorHotels, Louvre, Choice Hotels, Best Western, Kimpton, sbe and NH Hotels.
The new year will bring new opportunities for OTA Insight. “We’ll be focusing on market expansion and fortifying our position as a market-leading platform, with a number of key product developments and enhancements scheduled to be announced early in the year,” Engels said.