£349K Secured for AI-Driven Dynamic Pricing, Empowering SME Self-Storage Providers to Maximise Revenue

Introduction to Stora

‍Stora is a Northern Ireland-based company specialising in innovative digital solutions for the self-storage industry. Their existing platform automates booking, payment, and management tasks, significantly improving operational efficiency for SME self-storage providers.

Problem

‍Self-storage facility management is outdated and manual, consuming up to 80% of staff time for tasks like bookings and payments. This leads to inefficiencies and lost sales opportunities for SME self-storage providers.

Opportunity

‍There is a growing demand for self-storage driven by space constraints and rising living costs. Stora aims to capture this market by providing SMEs with advanced tools to dynamically adjust pricing and improve profitability.

Solution

‍Stora’s dynamic pricing module will leverage AI and machine learning to adjust rental prices automatically based on real-time data and market trends. This will help SMEs optimise revenue, reduce churn, and compete more effectively in the market.

Challenge

‍The main challenges include ensuring the accuracy and reliability of the dynamic pricing algorithm, overcoming technological inertia in a traditionally manual industry, and securing the necessary funding to develop and implement the solution.

Why They Chose Grant Up

‍Grant Up was chosen for their expertise in securing funding for innovative projects and their support in navigating the complex application process for the Innovate UK grant.

Result

‍Stora’s collaboration with GrantUp was a resounding success, securing £349,634 in grant funding. This financial boost enabled Stora to forge ahead with the development and implementation of their transformative AI-enabled Dynamic Pricing for SME Self-Storage Providers.