The company has received $17 million in Series B Round funding from Deutsche Telekom Capital Partners (DTCP), Waypoint Capital and JAL Ventures to accelerate adoption of its intelligence-based technology for hotels.

It said it will use the new investment to "grow sales, marketing and products worldwide, and make data even more actionable - helping hotels optimise brand visibility online, efficiently drive traffic to brand.com websites, improve occupancy and close more bookings."

In June, chief executive Dori Stein told TTG that he believed the hospitality sector was experiencing "perfect storm", as hotels battled the large online travel agents.

Currently, Fornova claims more than 13,000 hotels use its solutions, including brands such as Marriott, Hilton, NH Hotels, and Premier Inn. It also adds that revenue has grown more than 100% in the past 12 months.

Fornova chief executive Dori Stein said: “The hotel industry is at an inflection point in its struggle to optimise online revenue and drive sales. In spite of the proliferation of new technologies and revenue solutions, hoteliers continue to overlook the fundamentally dynamic nature of the online marketplace. As a result, they are missing important insights on how their products are priced online, how to distribute them effectively, and how to optimise the booking path to their advantage.

"Fornova’s patented technologies provide an unprecedented toolset to help hoteliers turn the tide in their favor, succeeding in this dynamic and fast-changing marketplace. Our products are pioneering new ways to meet the needs of today’s hoteliers – and we look forward to the exciting journey ahead, with our new investors and hotel partners.”

Thomas Preuss, partner at DTCP, said: “Fornova’s cutting edge technology equips travel providers with the precision tools needed to stay ahead of competition. We are happy to support Fornova’s growth and development as a pioneer and technology leader in this space. We see a strong demand for a transparent and powerful business intelligence tool from all actors in the market. Proprietary data and comprehensive coverage of all sales channels are crucial determination factors in the increasingly competitive hospitality market.”

Joshua Levinberg, JAL Ventures co-founder, added: "We welcome both DTCP and Waypoint on board. As an early investor, we are excited about their contributions and look forward to a bright future as Fornova accelerates its growth.”

Fornova employs 115 people in five offices around the world.