A NORTH-EAST artificial intelligence (AI) company has bagged an impressive accolade for its use of emerging technology.

Middlesbrough-based start-up company Bubo.AI has won an award for ‘Best Emerging Technology in AI’ in Computing’s second AI and Machine Learning Awards.

The awards were launched last year to recognise the best companies, individuals and projects in the AI space.

The winner is chosen by a panel of leading experts within the technology field.

Judges look at a range of criteria while focusing on companies who support and drive innovation in all areas of artificial intelligence.

The award, which was announced in late October, recognised how the team overcame challenges in creating a new product pricing solution that can be used across sectors and industries.

The competition judges said: “Bubo.AI’s unique and innovative approach in bringing modern, advanced data and a solution focused software to wholesalers and distributors is driving breakthrough changes to the industry.

"It’s not easy to standout in the crowded field of AI technologies, but Bubo.AI impressed us and we are thrilled to recognize the company in our 2020 AI and Machine Learning Awards.”

Working with leading universities and academics enables Bubo.AI to develop forward-thinking pricing solutions and deliver leading-edge technology.

"Their machine learning algorithm finds the maximum a customer is willing to pay for a product to ensure companies maintain demand, without leaving money on the table. Bubo’s pricing optimisation software also supports sales staff to avoid giving unnecessary discounts.

Alan Timothy, CEO of Bubo.AI, said: “For the first time, our solution means companies can use customer value-based pricing which could be key for them to recover revenue and build a roadmap to profitability”

“Being awarded Best Emerging Technology in AI serves as a recognition of the value that the Bubo.AI team brings to our customers and the pricing industry.”

Andy Preston, Mayor of Middlesbrough added: “Middlesbrough is the home of digital technology start-up companies delivering cutting edge technology products and services for companies across the world.

" This award is a great testament to the excellent work Teesside University and Bubo.AI produce, and we’re proud to be the home for progressive innovations.”

The Computing AI and Machine Learning Awards recognise the best companies, individuals, and projects in the AI space today.

The awards cover a range of sectors within the industry including security, ethics, data analysis and innovation

Bubo.AI were selected as finalist in three categories, Best AI UK Startup, Best Innovative AI Solution and Best Emerging Technology in AI Award.

At the time of selections, the firm said: "Needless to say, we are extremely pleased and excited to have achieved this recognition."

The start-up works closely with academia and universities in the region, allowing it to stay at the forefront of innovation and research while developing forward-thinking solutions.