[Funding alert] Upswing Cognitive Hospitality Solutions raises $150K from Australia's Framed Venture Capital
The capital raised will help the Pune-based hospitality and travel technology startup in scaling overall product development, operations, technology, and sales.
Upswing Cognitive Hospitality Solutions, a Pune-based new-age predictive data solutions startup for the hospitality and travel industry that provides its customers with data-driven cognitive solutions, recently raised a seed round of $150,000 via Foreign Direct Investment (FDI) from Framed Venture Capital, an Australian investment private company.
Through their partnership, Upswing and Framed will continue to develop and grow their relationship through alignment and refinement of the technology roadmap, business strategy, and regular assessment of financial performance relative to the overall growth profile and forecasts.
They aim to reorient the sector with data-driven platforms for the overall business goals of the customers (hotel groups, hotels, and other hospitality providers). To this end, they will also collaborate on various initiatives to advance more expertise in the sector. Framed believes that with Upswing’s scale, strong year-on-year revenue growth, and global penetration, it would be a prime candidate for an industry or private equity acquisition or investment in the future.
Discussing the agreement, Harshvardhan Amle, Founder, Upswing Cognitive Hospitality Solutions, said,
“The capital raised will help us in scaling overall product development, operations, technology, and sales. The substantial impact of the Covid-19 pandemic on the domestic and international travel and hospitality industry further corroborates the need to pivot the sector’s current approach towards data-driven solutions, which has proven helpful for many organizations and industries across the world.”
Conceptualised in 2018, Upswing is a new-age predictive data solutions startup for the hospitality and travel industry. Backed with AI and Blockchain, Upswing helps its customers (i.e., hotels and other hospitality providers) anticipate their guests’ behaviour, managing, enhancing, and delivering operational KPIs.
The software platform allows hotel guests to enjoy their travel and stay experiences, and helps in enhancing the hotel’s overall efficiency in providing personalised experiences. Upswing claims to provide end-to-end cost-effective solutions that cover all stages of a guest's journey - from pre-stay to re-stay, and from guest engagement to guest marketing.
Gerry Comninos, Director, Framed Venture Capital, said,
“The current pandemic has called for a serious understanding of anticipatory measures for every business, irrespective of their size. With Upswing’s simplified solutions in the sector, we are extremely proud to work together in empowering the global travel and hospitality sector with the knowledge and resources required to respond in the constantly evolving and fast-paced dynamic technology-driven world.”
“Their ability to effectively engage technology and AI to allow hospitality providers to understand data trends, maximise outcomes, and positively influence their customers (the guests) for the mutual benefit of the hospitality provider and the guests will help in delivering strong returns,” Gerry added.
Edited by Megha Reddy