Dynamic Pricing AI secures €600K from Bulgarian VCs
Dynamic Pricing AI, a technology that streamlines retail pricing management, has secured a significant investment in its seed round. The Bulgarian company has raised €600.000 from Vitosha Venture Partners, Sofia Angel Ventures, and angel investors from USA and UK.
“We are very happy to have the support of SAV and our other investors as we continue to build our AI platform and bring it to more businesses around the world,” said Simeon Lukov, CEO. “This investment will allow us to accelerate our growth and expand our portfolio of clients in a large variety of industries.”
Dynamic Pricing AI is a powerful tool that helps retailers and brands to increase sales, and revenue, and optimize their pricing strategy. Recently, the overall activity was focused on retailers which were struggling with daily pricing in the more competitive markets, avoiding price wars and looking for competitive positioning.
The Bulgarian company targets Direct-to-Consumer (DTC) brands. DTC websites have become increasingly popular among brands looking to bypass traditional distribution channels and establish a direct relationship with their customers.
Dynamic Pricing AI develops reinforcement learning models specifically for pricing purposes using reward signals from the market to optimize the supply-demand equation. A repricing engine for dynamic policies (no code, no IT needed) relies on inventory, page visits, and transactional data to get rid of returned products, speed the sales of the oldest stock, and target relevant customers by making promotional activities at the right time.
“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,” adds CEO Simeon Lukov.
Dynamic Pricing AI plans to expand its team of data scientists and developers and invest in product development and customer acquisition. The company has already made significant strides in these areas, attracting several high-profile clients and forging partnerships with some of the most respected names in the industry.
