Sofia Angels Ventures – New Investment Press Release
In April 2023 Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, announced its eigth investment – Dynamic Pricing AI.
Sofia Angels Ventures, along with Vitosha Venture Partners and several international business angels invest 600,000 euros in the Bulgarian start-up.
“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, revenue and optimize their pricing strategy. Recently the overall activity was focused on retailers which were struggling with daily pricing on the more competitive markets, avoiding price wars and looking for competitive positioning.
The 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.
The company 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 return products, speed the sales of oldest stock and target relevant customers by making the 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.” said Simeon.
Dynamic Pricing 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.
April 2023
Sofia
