Codyco, an artificial intelligence company specializing in hospitality solutions, has announced it has secured $500,000 in its latest funding round. This significant capital infusion is earmarked to accelerate the company's growth trajectory and enhance its innovative booking recovery technology for hotels. The investment underscores confidence in Codyco's mission to address critical revenue leaks within the hospitality sector.
The company's core offering directly addresses a persistent challenge for hotels: the loss of bookings due to missed phone calls. Even well-staffed central reservation departments or call centers can miss approximately 5% of incoming calls, leading to substantial lost revenue that can amount to a seven-figure leak for large hotel groups. Codyco’s AI-powered solution seamlessly captures these missed opportunities. Hotels divert their unanswered calls to Codyco's system, which uses AI to answer, engage with the caller, complete the booking process, and directly integrate the new reservation into the hotel's existing property management system (PMS).
Codyco's technology is designed for effortless adoption, connecting with leading PMS platforms including Opera, Sihot, and Apaleo. The implementation process is efficient, typically requiring less than two days of work from a hotel's team and no specialized training for staff. This ease of integration, coupled with its proven effectiveness, has already led to Codyco assisting 7 prominent hotel groups, collectively managing over 350 hotels. For example, a 53-room hotel using Codyco reported an increase of €5,000 in bookings within four weeks.
With this newly acquired funding, Codyco plans to aggressively expand its operational capabilities and market presence. The capital will be strategically deployed to scale its platform, deepen its AI's learning capabilities, and broaden its client base across the global hotel industry. Codyco is focused on continuing its growth by empowering more hotels to recapture lost revenue and streamline their reservation management.
