Teesside tech firm Bubo.AI is looking to double its headcount in 2021 after securing 20 new clients in the last 12 months.
Despite the pandemic, the company has also relocated to a larger HQ in Middlesbrough as it looks to revolutionise the way businesses price their products using AI technology.
It says it can typically achieve a 3% net margin increase by applying advanced AI solutions to pricing strategies.
Bubo.AI, which currently employs six full-time staff, was included on the Tech Nation Rising Stars 3.0 list.
CEO Alan Timothy, who founded the company with Polish data analyst Marcin Lisowski, said: “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.
“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.”
Timothy and Lisowski 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. As a result, the company increased profits for the global autoparts wholesaler by almost £2m in just six months.
