Hospitality technology platform HyperGuest has raised $23m in its Series A funding round to expedite its growth and further enhance its solutions for hoteliers and travel providers.

The funding round was led by Lightspeed Venture Partners, joining Viola Ventures along with a new investor in Thayer Ventures.

HyperGuest’s technology platform allows hotels and travel providers to offer rooms with maximum efficiency and profitability.

It allows hotels and suppliers to directly connect with travel distributors, including global distribution systems, destination management companies, agents consortia, online travel agencies, tour operators, travel management companies, closed user groups and bed banks.

This real-time connectivity helps hoteliers to optimise their inventory distribution, increase revenues and streamline operations.

HyperGuest CEO and co-founder Nir Yaron said: “We have achieved a significant milestone of 25,000 live hotels while partnering with over 380 demand customers and more than 150 global technology integrations.

“This remarkable progress has led to exceptional growth, with both bookings and revenue rising by more than ten times year on year. We are proud of the support of our investors, who share our vision of reshaping the travel landscape.”

The company plans to use the investment to further expand its footprint globally, enhance its technology infrastructure, grow its product portfolio and increase its sales and marketing efforts to increase market penetration and drive customer acquisition.