New York-based technology start-up LodgIQ is to unveil its LodgIQ RM and LodgIQ Mobile RM platforms today at ITB in Berlin, Germany.

According to Bhandari, the LodgIQ RM platform utilises multiple datasets to bring revenue optimisation into the modern world. Until now, according to the company, traditional forecasting and optimisation algorithms have remained static.

Ravneet Bhandari (right), CEO of LodgIQ, told 4Hoteliers that the company is excited about the launch of both products, and in particular the second.

He said, “I’ve been in hospitality management and strategy for almost twenty-five years so I’ve seen and used all the available technology and for a long time. The challenge that revenue management has is in forecasting and optimisation algorithms. Those haven't changed in 20 years. We have some many data points now and the algorithms haven’t been able to keep up. So we started with this vision that we have to bring in as much relevant data as possible.”

He adds, “The way we’ve built the product is that so not only is the user-flow intuitive, the product thinks and evolves intelligently. Over time, it will mould itself to your usage pattern.”

The platforms, which are designed to manage revenue streams for the hospitality industry, follow an initial first round of funding totalling $5 million, obtained from Highgate Ventures and Trilantic Capital Partners. That funding was achieved within two months of the company’s initial launch.

LodgIQ’s recent developments include the signing of a seven-figure deal with Highgate Hotels to implement LodgIQ RM across the latter’s 100 properties in key markets around the world. Implementation is set to begin in March.

Bhandari says that while Highgate Hotels and Highgate Ventures have a common ownership, the two companies are run as separate entities. “Highgate hotels,” he said, “is a hotel investment and management company. Highgate Ventures is an early-stage venture capital incubator type of fund predicated towards hospitality investments.”

He adds, “There is a 'Chinese wall' between the two companies. At the highest level, they share information. With the common ownership, they were aware of what we were building so we had to build a prototype. They tested it at a few hotels. Based on those results, we got the investment.”

Bhandari says the LodgIQ RM and LodgIQ Mobile RM are the first and second of four products that the company intends to launch this year. The third product will be a product suite for asset management, while the fourth is being developed for the casino and gaming industries. Bhandari also said the company was launching pilot schemes with six or seven organisations, and would make a major announcement in May.

Other plans reportedly include the opening of offices in the United Kingdom and Singapore, plus the building of a development centre in Bangalore, India.

www.lodgiq.com

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