Duetto Research, a startup focused on utilizing Big Data to optimize demand pricing and provide operational intelligence for hotels., received a $10 million first round financing. The application of Big Data in hospitality is a rich field of opportunity, the company says.
Duetto Research, a cloud-based technology firm focused on the travel and hospitality industry, announced the closing of a $10 million Series A financing. The round was led by Battery Ventures and Altimeter Capital, with participation from existing investors Thayer Ventures, Trinity Ventures and Marc Benioff, the Founder, Chairman and CEO of Salesforce.com.
The funding comes as Duetto builds momentum in the displacement of legacy on-premise hotel revenue management systems with its Duetto Edge solution. Duetto’s SaaS product, Duetto Edge, utilizes Big Data to optimize demand pricing and provide operational intelligence for hotels.
Duetto was launched earlier this year by former Wynn Las Vegas executives Patrick Bosworth and Marco Benvenuti and former Salesforce.com Chief Technology Officer Craig Weissman.
Duetto’s CEO, Patrick Bosworth, said, “We are taking revenue management to the next level with a focus on demand optimization. Utilizing Big Data allows us to deliver better insights on demand; improving pricing optimization, forecasting and even hotel operations. The response has been extremely positive for our product, and our vision for the future. We are grateful to Sonesta Hotels for being an early adopter, and to all of our supportive investors and advisors, particularly Battery and Altimeter.”
Craig Weissman, CTO, added, “Hospitality is a huge industry whose enterprises have been largely ignored in Silicon Valley. It’s not easy to create a team that knows both how to build cutting edge modern products and also understands very specific needs of a vertical market, such as ours. Big Data applications have tended to focus on the horizontal, but there are many interesting opportunities for Big Data to provide groundbreaking solutions to specific industry problems.”
Brian O’Malley, General Partner at Battery Ventures, said, “The application of Big Data in travel and hospitality is a rich field of opportunity, even more so than in most verticals. And in this area, Duetto is an undisputed pioneer.”
Related Link: Duetto Research