An AI pricing management company has secured a seed investment of £500,000 from Mercia Fund Managers and software entrepreneur and investor Nick Kingsbury.
Founded in 2016 by Charles and Philip Huthwaite, London-based BlackCurve helps its clients find the optimal price for their goods and services through sophisticated pricing algorithms and machine learning.
The investment will be used to expand the company’s core team across sales, software development and data science as well as develop its underlying software.
Its technology powers more than 250,000 pricing suggestions per day and is actively managing more than six million products on behalf of its clients, including Ribble Cycles, Cleverboxes and Appliance House.
Philip Huthwaite, CEO and founder of BlackCurve, said: “We’re bringing affordable and sophisticated price optimisation technology to businesses that form the bedrock of our economy.
“Our software delivers real tangible benefits for customers. I’m proud to be able to do this with the support of my father and CTO, Charles Huthwaite.
“The last two years have shown what can be achieved through bootstrapping if you are surrounded by a fantastic team.
“We look forward to welcoming the new recruits over the coming months, as well as delivering for our customers.”
Chris Kilroy, investment associate at Mercia, said: “Managing and optimising pricing is fundamentally important for organisations across a range of industries, from retail and distribution through to gaming and media.
“We’re delighted to announce our seed investment into BlackCurve and we feel confident that both Philip and Charles have the skills and expertise to drive the company forward.
“We believe that BlackCurve has strong growth potential across a number of markets and we’re looking forward to supporting the team as they continue to capitalise on the opportunities available to them moving forward.”