Nor1, a company that powers dynamic pricing and merchandising for hotels and resorts has raised $9 Million in Series B funding led by Concur, the acquirer of TripIt. This brings the company’s total funding to nearly $18 million.
Nor1, which is focused on the travel and hospitality industries, creates data-driven pricing and merchandising technologies. International and national hotel chains as well as individual properties in resorts use Nor1 to power pricing for their inventory across a number of properties and platforms.
The company has actually patented its technology, which addresses the challenge of choosing prices and a subset of products from a master set while simultaneously taking into account the effects of pricing within a particular product set. The algorithms look at consumer-specific data, transaction data, and product data to better predict a consumer’s willingness to pay a certain price, for a particular product at a particular time. Nor! also has a patent for pricing and merchandising (granted in May 2012).
As part of the strategic investment, Concur will use Nor1’s eStandby Upgrade technology to make hotel offers available to their business travel customers via TripIt. According to the companies, millions of travelers each year request eStandby upgrades from thousands of Nor1’s partner hotels including the many properties of Hilton, Hyatt, Carlson Rezidor, InterContinental and Kimpton Hotels.
Nor1′s clients include Hilton, Hyatt, InterContinental, Fairmont, and Carlson Rezidor.