Mid-range deals are harder to secure than ever — that’s been the sentiment around startup funding lately, and it rings true in the list below.
Large funding rounds are more prominent, and seed funding is still fairly easy to secure. But mid-sized deals — like those between $10 million and $50 million — have been less frequent in the last couple of years.
Another trend: Virtually all of the small deals are for business-to-business startups making products that use generative AI. The basis of that tech is still young, but there’s clearly interest in where it’s headed.
Over the last two weeks, six tech companies involved in the travel industry raised over $168 million.
Aescape: $83 Million
Aescape, which is selling AI-powered robotic massage arms to hotels, has raised $83 million.
Valor Equity Partners, an early investor in Tesla and SpaceX, led the round. Other investors included Fifth Wall, Alumni Ventures, and NBA Champion and All-Star Kevin Love.
The company has now raised $128 million.
Aescape, based in New York City, worked for seven years to develop the product before its release last July, according to Eric Litman, Aescape founder and CEO.
Hotel clients can license use of the product and offer it as a paid service to customers. Clients include the Four Seasons Resort Orlando at Disney World, the Four Seasons Hotel Baltimore, the Lotte New York Palace in Manhattan, the Kimpton Epic Hotel in Miami, and others.
The massage table is built with two robotic arms that can massage both sides of the body at the same time, meant to cut the length of the massage in half. The arms are designed to replicate the knuckle, thumb, cupped hand, blade of hand, palm, forearm, and elbow.
Aescape says its AI scans the body of each individual and is able to adapt pressure, technique, and flow. A screen beneath the headrest, within eye line as the user is laying facedown, allows the user to make adjustments or pause the service.
Before laying down, the user changes into a provided high-compression, skin-tight suit. There is no oil or lubricant involved.
The product is licensed to hotels for $7,500 per month, and hotels choose the prices they charge to guests. At Lotte, the price is $75 for 30 minutes.
Aescape plans to expand in the hospitality sector with the fresh funding. The company is also expanding a partnership with the gym Equinox, with plans to put the massagers in 60 locations.
Mews: $75 Million
Hotel tech company Mews said Tuesday that it raised another $75 million. The company has now raised a total of $410 million, including $110 million a year ago.
The company is not disclosing the valuation for this round. Last year, the company was valued at $1.2 billion.
Investment firm Tiger Global led the round for Mews, with support from existing investors Kinnevik, Battery Ventures, and Growth Equity at Goldman Sachs Alternatives.
Mews primarily provides a property management system for hotels, which handles operations like check-in and check-out, guest management, and housekeeping. Its clients are mostly independent hotel companies, many of them of Europe. Customers include BWH Hotels, Strawberry, The Social Hub, and Airelles Collection.
Mews has a big focus on expanding in the U.S., as well as growing via acquisition.
(See Skift’s earlier story.)
Bookboost: $3.9 Million
Bookboost, a guest management tech platform for hotels, has raised $3.9 million (€3.6 million).
Vendep Capital led the round.
Sweden-based Bookboost offers software for what’s known as customer relationship management (CRM), which stores and manages guest data. The company said its AI-powered platform is meant to automate guest messaging and provide more personalized communication.
The funding will go toward product development, adding more clients, and hiring.
Kleio: $3.3 Million
Kleio, which provides a white-label AI assistant for trip planning, has raised $3.3 million (€3 million) in seed funding.
Serena and Daphni led the round, with support from a group of individual investors.
France-based Kleio says its AI chatbot can help travel clients match potential customers with tailored travel packages and products, meant to increase the rate of sales conversions. The company works with several industries including travel.
Clients include Havas Voyage and other travel management companies.
Genial: $2 Million
Genial, which provides back-office AI assistants to travel companies, has raised $2 million (€1.8 million).
Huttopia and Crédit Agricole led the round, with support from Founders Futures and a group of angel investors.
France-based Genial says its AI-powered assistant can help with tasks like sales, marketing, and customer relations for small and mid-sized companies. Half of the startup’s clients are in the tourism sector.
The funding will go toward product enhancements, adding new clients, and hiring.
Maya: $1.1 Million
Maya, a white-label AI travel booking assistant, has raised $1.1 million (€1 million).
Investors included several top executives at Lighthouse, which recently raised $370 million, among multiple others.
Belgium-based Maya licenses the AI chatbot to travel companies, which can deploy it on their websites as an assistant for consumers. Clients include Nordic tour operator Noorderhuis and Egyptian tour operator Kingfisher Tours.
