Independent hotel technologies firm ZUZU Hospitality successfully raised US$5.9 million in its most recent Series B extension round.
Among those who participated were long-time ZUZU supporter Wavemaker Growth, as well as Velocity Ventures and a host of others who have previously invested in the company.
ZUZU founder Vikram Malhi was moved to say: “The fact that existing investors have come in gives us confidence that they believe in us at this pivotal moment when technology can be our rocket booster.”
The funding comes at a high point in the company’s history as it is poised to take the lead in the artificial intelligence (AI) revolution sweeping through the global hospitality sector.
Empowering independents through cutting-edge technology
Indeed, the latest item in ZUZU’s growing range of innovative solutions is a revenue management co-pilot called RevMate.
Driven by AI, RevMate is a dynamic tool that adjusts room rates based on trends and learns from booking pickup patterns.
To make things even easier for end-users, RevMate also presents its pricing logic in easily understood terms.
That said, this new tool is poised to be a great help for independent hotels that don’t have in-house revenue teams.
Per initial deployments, organisations that use RevMate saw a 40 percent increase in efficiency, as well as a revenue boost as high as 30 percent.
Quo vadis, ZUZU?
The introduction of RevMate is doing more than just empowering small independent hotels.
Indeed, ZUZU’s foray into the development of AI-powered solutions stands to significantly broaden the company’s horizons to larger clients in Asia and beyond.
Malhi said of the possibility of more expansive growth for his venture: “AI gives us rocket boosters. It compresses product cycles, lowers costs, and lets us build for markets that were closed to us before. With every major tech shift from internet, mobile, and now AI, new players can break into old industries.”
