Cube RM, the cloud product offering and revenue planning Startup. which we met last year at the MITEF Greece Startup Competition, announced the completion of its first investment from Marathon Venture Capital.
According to the announcement, this investment will be used to expand the team, develop the company’s products and expand its customer base in the markets of Europe and America.
Although the amount of the investment was not announced for strategic reasons, its final figure was between 500,000 and 1,000,000 euros.
The CubeRM portfolio today includes Fortune 500 clients with thousands of users in more than 20 countries across Europe, and it is worth noting that the company is investing systematically in modern Cloud technologies (MS Azure, Docker, etc.), Easy Deployment Environments (.net Core, AngularJS, etc.) and Machine Learning Tools (Python, R, etc.).
Giorgos Tziralis, Partner at Marathon Venture Capital, said: “An Experienced team, a major problem, integrated technology product and big first customers – Kostas, Giorgos and Philip will change the revenue management to big companies and we are glad we take part in their journey. “
It is worth mentioning that the founders of CubeRM bring together a complete experience in business software applications. In particular, CEO of the company, Costas Economopoulos, has many years of business activity in business software with experience in Life Sciences and other disciplines. Giorgos Boretos, CubeRM’s CMO, has a 20-year career in managerial positions in marketing and sales to software companies. while Startup CTO, Philippe Quinn, plans critical software business applications by organizing large groups of software developers over the past fifteen years.
CubeRM CEO Costas Economopoulos said: “Loss of revenue is a major problem for large companies. Our mission is to help our clients respond to this by shaping the right price at the right time in an efficient way. We work hard by constantly investing in Cloud and Machine Learning technologies to become the next generation of revenue management software. “
It is noted that large companies in the field of medical equipment, pharmaceuticals and technology lose hundreds of millions of euros and thousands of hours of productive work every year in revenue-related management processes. Procedures such as identifying the best price per customer and efficient bid management, from simple proposals to complex tenders and compliance issues, are some of the major problems currently faced by such organizations.
For example, a typical medical device company offer to a hospital includes thousands of product codes. Forming such a bid requires, among other things, the setting of price, discount and incentives for each code, as well as the receipt of a variety of internal approvals. Large companies in the industry employ thousands of salespeople who make hundreds of such proposals a day. However, the tools used in most cases are, even today, obsolete, such as Excel and Email shared sheets, which are expected to lead to under-optimal decisions, loss of revenue, and reduced productivity.