A TECH company using artificial intelligence to help other businesses adapt is planning to expand in 2021 and is in talks to secure contracts worldwide.

Teesside tech firm, Bubo.AI, is putting plans in motion to expand its reach globally in 2021 as it looks to change the way businesses price their products.

The company, which has previously announced plans to double its workforce this year, has been investing heavily in its marketing and sales activities over the past several months and is in advanced talks to secure contracts in Europe, South America, and the Asia Pacific region.

Several national and international companies have already signed up for a trial of Bubo.AI’s software, including Tarmac.

Alan Timothy, Bubo.AI chief executive and co-founder, said: "We are in active conversations with companies across a number of countries and regions, such as Columbia in South America, and across South East Asia, following our speaking at Singapore’s Week of Innovation and Technology, in December 2020.

“There are tens of thousands of companies across the world with problems that our solutions can solve, and we aim to speak with as many of them as possible.”

The startup is also exploring opportunities in North America, working with the Creative Destruction Lab (CDL) at Tech Scheller College of Business in Atlanta, Georgia, to support its future growth in the US.

Currently employing six full-time equivalent staff members, the company says it is on course to significantly increase the number of clients it works with over the next three years and to increase its headcount accordingly.

In 2020, the company was named a regional finalist in the Tech Nation Rising Stars 3.0 competition, as well as an award for ‘Best Emerging Technology in AI’ in Computing’s AI and Machine Learning Awards 2020.

In Europe, the company was recognised by the Vienna Business Agency as one of twenty ambitious startups from across the world that will succeed in the German-speaking market.

Bubo.AI was co-founded by serial entrepreneur Alan Timothy and data analyst Marcin Lisowski, working with academic and commercial partners across the UK.

Working with universities and academics, they have developed "forward-thinking pricing solutions".

With so many companies' revenues and profits being hit, due to the global pandemic and recession, the company says it believes its business could not have come at a better time.

According to its research, 85 per cent of business leaders know pricing strategies could be improved, but only 5 per cent take any kind of strategic approach to pricing.

A company spokesperson said: "Wholesalers, retailers, and other B2B companies rely on Bubo.AI’s award-winning software and AI solutions, and expertise to determine the optimal price point for every individual transaction.

"With a corporate head office in Teesside, in the UK and offices across Europe, Bubo.AI is committed to delivering profitable growth and typically achieves a 3 per cent increase in net margin for its customers."