Barcelona-based Aervio has built an AI-based smart corporate travel management platform using natural language processing (NLP) to meet business travel requests within minutes. The startup has raised a third round of funding of €750k to support its national and international expansion from investors including TheVentureCity and Palladium Corporate Ventures.
Founded in 2016, Aervio optimizes searches, prices, booking, and invoicing processes -cutting the typical time spent on travel management by as much as 90%. With this round of funding, Aervio aims to drive growth in Spain and Europe and increase investment in R&D to optimize the automation of its services.
“We want to continue to push forward with implementing AI and consolidating the platform as a leading tool to assist and automate travel manager tasks,” said Santiago Montero, founder and CEO of Aervio. He said that Aervio’s main goal is “to go international, opening offices in the UK, France, Germany, Portugal and Italy.”
“Corporate travel management is a huge industry with a wide range of tasks and processes than can be enhanced by technology,” said Andrés Dancausa, VP Growth Accelerator EMEA at TheVentureCity. “Aervio has an ambitious team, ready to disrupt the industry. They boast a wealth of past experience at various travel agencies, where they acquired all the skills and experience necessary to use technology to revolutionize the market.”
Since it was founded, Aervio’s client list has grown to 200 customers, it now has over 20 employees, and has tripled its turnover every year.
“In the first five months of 2019, our gross turnover has already hit what we turned over in the whole of 2018,” Montero explained. “This year, we have started to work with clients who spend €3 million and upwards a year.”
Until now, Aervio’s target clients have been companies spending between €50-€500k a year on business travel, but in 2019 a special taskforce was created with the goal of tapping into large corporate accounts, and this year it expects to triple 2018’s turnover.
The corporate travel platform now works with a wide range of clients including banks, fashion brands, engineering firms, law firms, consultancies and industrial firms, as well as companies from the chemical, construction, and technological sectors.
“Aervio has transformed from an innovative project into a robust and reliable company with strong future growth potential, a profitable client portfolio and a clear objective to invest in technology, to maximize automation and drive the international roll out of the company,” said Montero, CEO of Aervio.