Singapore-based travel and hospitality fund
Velocity Ventures
has invested in
Zytlyn
, a Switzerland-based startup that uses big data and machine learning to give companies the ability to optimize critical decision-making through predictive insights for travel demand.
Its proprietary prediction platform reflects up-to-date where and when travelers want to go and their implied willingness to pay, providing travel and hospitality companies – from airlines to hotels – granular, actionable predictions of demand patterns, for pricing, revenue management and sales, to name a few.
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“The pandemic has changed the way people travel – how and when they plan their trips, where they want to go and how much they want to spend,” says Nicholas Cocks, managing partner of Velocity Ventures. “Constantly changing border regulations and factors such as climate change and geo-political shifts are making it harder for companies to accurately forecast demand. We believe that Zytlyn can be the transformative change to bring control back to systematic and human decision makers.”
The company believes that as the travel and hospitality sector recovers from the pandemic, it is more critical than ever to predict commercial impact and to empower rapid commercial decision-making, and it identified a strong need and demand for predictive analytics that specializes in various aspects of travel i.e., aviation, hospitality and tourism, to help predict changing consumer behaviors and buying patterns.
By capturing a wide range of relevant signals, Zytlyn’s platform processes and transforms various disparate signals using machine learning to find up-to-date patterns and correlations and produce predictions. Additionally, contrary to other solutions, clients do not have to replace their existing systems, offering a new generation of contextual prediction of demand – boosting commercial, operational and financial planning, with proven use cases across pricing, revenue management, marketing and sales for airlines, travel agencies, airports, DMOs, destinations, travel retailers and hotels.
“Zytlyn’s technology is sophisticated yet lightweight, and we foresee broad potential across the travel and hospitality industry. This data-driven approach will allow companies to unlock efficiencies through better asset utilization, manpower planning and purchasing decision making,” says Cocks.
“We recognize the deep industry knowledge and network that Velocity Ventures has across Southeast Asia, and we are excited to add them to Zytlyn’s cap table. Velocity Ventures will help us create meaningful partnerships and accelerate our growth,” says Houman Goudarzi, Zytlyn’s co-founder and CEO.
The addition of Zytlyn takes Velocity Ventures’ current Portfolio Company count to six. The firm aims to make 10 additional investments in the sector over the next 12 months.
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This article originally appeared on WebInTravel.