Buynomics, the SaaS platform to support enterprise customers with their commercial decisions, today announced that it has raised a €13M Series A round. The new funding will be used to widen Buynomics’ lead in predicting consumer behavior in the field of revenue management and commercial decisions, grow the product and commercial teams, and expand into the US market. This latest funding round was led by global software investor Insight Partners with participation from existing investors LaFamiglia, Seedcamp, Dieter von Holtzbrinck Ventures (DvH Ventures), and Tomahawk.
Based in Cologne, Germany, Buynomics leverages machine learning (ML) and insights from behavioral economics to simulate how consumers make purchasing decisions. Currently, many revenue management and marketing teams run on overly simplistic tools that use price elasticities and customer segmentations to understand how consumers react to offer changes. These methods are rooted in economic tools that were developed more than 150 years ago and have improved little since. Buynomics has developed the Virtual Customer technology that models the preferences and buying decisions of large groups of individual customers. This technology allows Buynomics to take full advantage of recent developments in ML and to integrate large amounts of data from a broad range of sources such as transaction or survey data. This results in unparalleled precision and the ability to cover a much wider range of revenue management capabilities to clients, including the optimization of price changes, promotions, and product innovations.
“In this dynamic environment, where brands are trying to rethink their operating models, Buynomics enables a deeper understanding of the value consumers assign to individual products,” said Ingo Reinhardt, co-founder and Managing Director of Buynomics. Today, businesses must react faster to competitor moves or cost increases and be able to identify growth opportunities. Traditional – often Excel-based – solutions are no longer sufficient. “As the pressure for corporations continues to mount, Buynomics strives to become the operating system for all commercial decisions,” he adds.
Also Read: How to Improve Marketing Data Management with AI and Machine Learning
“Buynomics provides a simulation-based pricing platform to help companies optimize revenue and profits. Large companies have typically relied on consultants or in-house solutions to drive these decisions; however, Buynomics’ software solution for offer optimization generates significantly stronger ROI than consultants, empowering customers to run their own pricing simulations” said Max Wolff, Principal at Insight Partners. “Buynomics’ leading technology and proven traction across markets have already made them stand out. We look forward to partnering with the Buynomics team on their growth journey to build the operating system for all commercial decisions.”
Having seen rapid growth since its Seed financing in 2021, Buynomics will invest its new funds in three key areas. First, in the product team to accelerate product innovation and fully transition from a revenue management application into a full-service suite for commercial decisions. Second, in the global commercial team to accelerate the onboarding and rollout in its key focus industries, including Fast Moving Consumer Goods, Telco, and Software. Specifically, Buynomics plans to open its US office in Q1, 2023. Third, Buynomics will further build its role as a thought leader in the field of revenue management and commercial decisions by adding further content formats. “We are currently convincing most of our clients with our webinars and white papers. We see a clear need for high-quality content and are in a prime position to deliver it”, says Sebastian Baier, co-founder and Managing Director of Buynomics.
For more such updates follow us on Google News TalkCMO News.
