Despite the challenging year, caused by the global pandemic, we are looking to double our headcount in 2021, having secured 20 new clients in the last twelve months. Looking back on 2020, it has been a busy and largely successful year for Bubo.AI. Now we can look ahead to 2021, with the aim of supporting even more clients and continuing to grow.
In December 2020, Bubo.AI was delighted to be included in the Tech Nation Rising Stars 3.0 list, among 50 other early-stage rising stars across the UK in fierce competition.
We have been included in a shortlist of 5 from the North East, with over 330 applicants from across the UK competing to win a place in the respected Tech Nation Rising Stars 3.0 competition.
Esme Caulfield, Competitions Lead, Tech Nation said: “Everyone knows that 2020 is a challenging year. We’re honoured that so many companies took the time to apply for Rising Stars 3.0 and are truly excited about the calibre of our Regional Winners.”
This accolade came quickly off the back of another win. In November 2020, Bubo.AI won the award for ‘Best Emerging Technology in AI’ in Computing’s AI & Machine Learning Awards 2020. The awards were launched last year to recognise the best companies and innovative new projects in the AI space.
The winner of this annual award is chosen by a jury of leading experts within the technology field. Criteria for the award focuses specifically on companies who support and drive innovation using artificial intelligence (AI), in a way that will have real-world business impacts.
“Bubo.AI’s unique and innovative approach in bringing modern, advanced data and a solution focused software to wholesalers and distributors is driving “breakthrough” changes to the industry,” said the Computing judging panel. “It’s not easy to standout in the crowded field of AI technologies, but Bubo.AI impressed us and we are thrilled to recognize the company in our 2020 AI and Machine Learning Awards.”
Andy Preston, Mayor of Middlesbrough, where Bubo.AI is based, added: “Middlesbrough is the home of digital technology startup companies delivering cutting edge technology products and services for companies across the world.
“We are working hard to support companies such as Bubo.AI, to make Middlesbrough and the Tees Valley a true global digital powerhouse, the next Digital City. This award is a great testament to the excellent work Teesside University and Bubo.AI produce, and we’re proud to be the home for progressive innovations.”
Bubo.AI was founded by serial entrepreneur, Alan Timothy, working with academic and commercial partners across the UK. Despite the global pandemic and recession, we decided to launch in 2020, because optimising pricing is one of the most effective ways to positively influence profits and revenues.
With so many companies revenues and profits being hit, this solution couldn't come at a better time. According to research, 85% of business leaders know pricing strategies could be improved, but only 5% take any kind of strategic approach to pricing.
Smart customer value-based pricing is the most effective way to increase your profits. Bubo.AI applies advanced Artificial Intelligence (AI) solutions to pricing strategies, with customers typically achieving a 3% Net Margin increase. This is one of the reasons Bubo.AI has been recognised in Gartner’s 2020 Pricing Optimization Software list.
Earlier in 2020, Bubo.AI received £650,000 from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, and private investors.
Bubo.AI was co-founded by serial entrepreneur Alan Timothy and Polish data analyst Marcin Lisowski who had previously worked together to create a pricing system for a global autoparts wholesaler. After failing to find a solution on the market that solved the challenges that are common in so many businesses, they decided to build one themselves, with Bubo.AI as the solution for these challenges. As a result, the company increased profits for the global autoparts wholesaler by almost £2m in just six months.
Following the funding, we could recruit more staff to support growth and our new customers, with headcount currently at 6 full-time equivalent (FTE), with the aim of doubling in 2021. We also opened a new office in Middlesbrough.
In a press statement, Alan Timothy, CEO of Bubo.AI, comments: “2020 has been a challenging year for so many companies, and the entire global economy. We are delighted and humbled by the support of those within the Bubo.AI network, from investors to academics, to advisors, commercial partners, suppliers, and everyone who's played a role in the growth of the company throughout the year. I would personally like to thank them all.”
“In 2021, we are looking forward to working with even more customers around the world. Helping companies, using AI and other solutions to improve their pricing strategies, and attending and speaking at conferences and other online and in-person events, as we did in our first year of growth.”
Our plans are to keep growing in 2021, while supporting even more customers around the world. At present, sales and marketing activities, whether directly or with partners, are bringing more customers in from the UK, Europe, South East Asia and Latin America.
Bubo.AI: Find out more about our cutting-edge award-winning AI solutions, that will help companies generate more revenue and higher profits, thanks to our customer value-based pricing products and services.