BEONx, one of the most innovative solutions in the international hospitality sector, today announced the closing of a Series A financing round worth 2 million euros, with the participation of CDTI (public entity attached to the Ministry of Science and Innovation and promoter and sole shareholder of the company Innvierte), which promotes innovation and technological development of Spanish companies.
Headquartered in Salamanca and with offices in Madrid, Barcelona, Mexico City and Bogota, the technology company plans to invest the funds to continue driving the value of Revenue’s technology, as well as strengthening its team and processes to speed up expansion throughout Europe and Latin America.
“Our goal is to lead the hospitality sector with the most complete RMS in the market thanks to a proprietary algorithm that combines the most accurate data in the market using Artificial Intelligence and Deep learning. Thanks to this round and the renewal of confidence in our product despite the times the sector is going through, and in view of the imminent recovery, we intend to continue driving our international expansion and team reinforcement”, says Rubén Sánchez, co-founder and CEO of BEONx.
BEONx expects to double its customer base in the next two years as hoteliers seek revenue management tools to improve distribution and booking productivity and manage complex rate calculations. In a market where just 16% of hotels currently use a Revenue Management System (RMS), Beonprice enables hoteliers, through its disruptive Hotel Quality Index (HQI™), to improve RevPAR and occupancy rates simultaneously.
BEONx has raised €6m in different rounds to date, with VCs as important in the national and international scene as Adara Ventures, KFund, Traveltech and IBH as shareholders. Through this round, CDTI is incorporated, through its Innvierte Programme; a leading institutional partner in the promotion of the most innovative companies in Spain.
Founded in 2012, BEONx works with more than 2,000 properties in over 30 countries, including international hotel brands such as Catalonia, Hotelatelier, Iberostar, RIU, Labranda Hotels & Resorts, HM Resorts, Park Royal, Dreamplace, Hospes and Room Mate, among others.
BEONx’s RMS technology is based on the HQI™ (Hotel Quality Index) as a disruptive element in its artificial intelligence technology to simulate the behaviour of each person taking into account the price and quality of the establishment and the competitive set mainly in the recommendations to maximise the RevPAR of the hotel chain.