PriceLabs, revenue management solutions provider, has raised $30 million funding from Summit Partners. This is the first funding the firm has raised.
The start-up was founded in 2014 to bring artificial intelligence (AI) and analytical tools to owners and managers of vacation homes and short-term rentals.
Richie Khandelwal, co-founder, PriceLabs, said, “We purpose-built PriceLabs from the ground up to serve the needs of short-term rental operators, offering an easy-to-use and highly configurable solutions that allow operators to combine our AI and algorithms with their own unique knowledge of the local market and property.”
PriceLabs is hiring professionals globally with a passion for the short-term rental industry to join the remote team, said the company.
The platform’s automated dynamic pricing solution is designed to continuously analyse historical and forward-looking hyper-local data to sense changes in demand and recommend optimal daily pricing tailored to each property’s unique characteristics.
Sana Hassan, co-founder, PriceLabs, said, “From an individual host seasonally renting their apartment in Paris to a multi-thousand unit vacation rental manager in Florida, we’ve built a solution that is easy to use, affordable, and integrates seamlessly with the software they’ve already adopted.”