A combination of research and capital funding to the tune of €1 million from financial investors and state-backed institutions has flowed into Cruisewatch.
The Germany-based company (one of PhocusWire's Hot 25 startups 2020) secured the backing with a research investment from the European Regional Development Fund and the state of Lower Saxony, with NBank Capital Beteiligungsgesellschaft, Hannover Bteiligungsfonds and three business angels.
Previous investments include two undisclosed seed rounds in 2017 and a $1 million venture round in 2019.
Cruisewatch says it will use the new round to develop its AI-backed text and speech recognition tools and automation services for third-party agencies.
The technology is also being developed for service providers outside of the travel industry, the company claims.
The company was created in 2016 and is both a consumer-facing search platform for cruise trippers and B2B provider of travel technology tools.
CEO and co-founder Markus Stumpe says the investment shows confidence in the company and its technology, including its ability to expand in the travel sector and other industries.
He adds: "Our new services will revolutionize hybrid consulting by enabling us to provide intelligent, self-learning and fully automated sales support solutions."