San Francisco, CA (PRWEB) December 17, 2012
Duetto Research, a cloud-based technology firm focused on the travel and hospitality industry, announced the closing of a $10 million Series A financing. The round was led by Battery Ventures and Altimeter Capital, with participation from existing investors Thayer Ventures and Trinity Ventures.
The funding comes as Duetto builds momentum in the displacement of legacy on-premise hotel revenue management systems with its Duetto Edge solution. Duetto’s SaaS product, Duetto Edge, utilizes Big Data to optimize demand pricing and provide operational intelligence for hotels.
Duetto was launched earlier this year by former Wynn Las Vegas executives Patrick Bosworth and Marco Benvenuti and former Salesforce.com Chief Technology Officer Craig Weissman.
Duetto’s CEO, Patrick Bosworth, said, “We are taking revenue management to the next level with a focus on demand optimization. Utilizing Big Data allows us to deliver better insights on demand; improving pricing optimization, forecasting and even hotel operations. The response has been extremely positive for our product, and our vision for the future. We are grateful to Sonesta Hotels for being an early adopter, and to all of our supportive investors and advisors, particularly Battery and Altimeter.”
Craig Weissman, CTO, added, “Hospitality is a huge industry whose enterprises have been largely ignored in Silicon Valley. It’s not easy to create a team that knows both how to build cutting edge modern products and also understands very specific needs of a vertical market, such as ours. Big Data applications have tended to focus on the horizontal, but there are many interesting opportunities for Big Data to provide groundbreaking solutions to specific industry problems.”
Brian O’Malley, General Partner at Battery Ventures, said, “The application of Big Data in travel and hospitality is a rich field of opportunity, even more so than in most verticals. And in this area, Duetto is an undisputed pioneer.”
About Duetto Research
Duetto Research provides hospitality executives with cutting-edge solutions to optimize demand, maximize rate, and minimize cost. Powered by leading Silicon Valley technologists and hospitality industry veterans, Duetto is where innovation and insight meet – to help the hotel industry create new standards of efficiency and profitability, and re-think how revenue management is done.
About Duetto Edge
Duetto Edge delivers powerful tools hospitality executives need to achieve profit goals and understand demand and revenue channels better than ever before.
Among the unique benefits of Duetto Edge:
- Cloud-based functionality: with no hardware or software to install and no implementation fees -- updates are automatic, free and frequent.
- On-demand visualizations: expose changing demand patterns so hoteliers can adjust pricing and channel strategies accordingly.
- Automated Alerts: notification of spikes in demand, competitor tactics, channel outages or rate parity discrepancies, and recommend corrective actions.
- Improved productivity: receive critical data and insights anywhere, anytime from a web browser, tablet or mobile device.
- Powerful algorithms: recommend actions to help hotel executives increase rates, expand occupancy and optimize channel mix.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company's life, from seed, start-up and expansion financing, to growth equity and buyouts.
Battery has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (IPO), Angie's List (IPO), Anobit (acquired by Apple), Bazaarvoice (IPO), Bladelogic (acquired by BMC), ExactTarget (IPO), Groupon (IPO), Guidewire Software (IPO), ITA Software (acquired by Google), MetroPCS (IPO), Netezza (acquired by IBM), Skullcandy (IPO), XtremIO (acquired by EMC) and VSS Monitoring (acquired by Danaher). Its current portfolio includes emerging and high growth technology companies such as: Brightree, Coupa Software, Delphix, Gogobot, HotelTonight, Kontagent, Marketo, Opscode, SingleHop, Sprinklr, Viddy, Wayfair and Zerto.
From offices in Boston, Silicon Valley and Israel, Battery manages nearly $4B in committed capital, including its current fund of $750M. For more information, visit http://www.battery.com. Follow Battery on Twitter.
About Altimeter Capital
Altimeter Capital is an alternative asset management firm dedicated to fundamental research and investing. Altimeter takes a private equity approach to public market investing. We take concentrated positions in companies and sectors where we have differentiated expertise, including travel, internet, media, and technology. Altimeter also selectively invests in high-potential private companies in these sectors.