Hotel revenue management specialist Diamo has secured $4 million in seed funding.
The investment in the United States-based business, which focuses on independent hotels, was led by Thayer Ventures and Inovia Capital, with participation from Avalon Capital Group and angel investors.
The funding will go towards product development and global expansion.
“The revenue challenges faced by smaller independents are far more complex than what existing disconnected solutions address,” said James Kay, CEO of Diamo.
“Revenue performance is what enables unique independent hotels to offer authentic, memorable travel experiences. In a world increasingly dominated by big brands and standardized OTAs [online travel agenices], we aim to empower the independent hoteliers that give hospitality its heart. In response, we’ve built an intuitive yet powerful platform that allows smaller hotels to succeed by using the same revenue tactics as large and branded hotels, without the need for expensive technology and teams.”
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Diamo was spun out of Life House as a new company last year and was given financial support by the hotel management company to get up and running.
The company provides a revenue platform that provides hotels with access to dynamic pricing technology, omnichannel digital marketing and a conversion-optimized website and booking engine.
Diamo plans to launch an artificial intelligence assistant called “ANDI” that aims to mirror human revenue managers by helping hotels configure “their revenue strategy based on real-time data; launching new ad campaigns; and offering ongoing recommendations across pricing, digital marketing and distribution.”
As part of the funding, Tyler Carrico, partner at Thayer Ventures, is joining Diamo’s board of directors.