April 4 (SeeNews) - Bulgarian retail pricing management startup Dynamic Pricing AI has raised 600,000 euro ($652,203) in a seed funding round backed by local growth investors Sofia Angels Ventures (SAV) and Vitosha Venture Partners, SAV said on Tuesday.
The fundraising also attracted angel investors from the USA and the UK, SAV said in a press release.
The startup will use the fresh funding to expand its team of data scientists and developers, as well as to invest in product development and customer acquisition.
Dynamic Pricing AI is a tool that optimises pricing strategies for retailers and brands, with a focus on Direct-to-Consumer (DTC) brands. It develops reinforcement learning models that use market signals to improve supply-demand balance and increase sales and revenue.
“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,” Dynamic Pricing CEO Simeon Lukov said.
Sofia-based Dynamic Pricing AI was founded in 2017, according to its LinkedIn profile.
($1 = 0.92 euro)