"SoftBank's $104 Million Investment in TravelPerk Signals AI's Impact on Corporate Travel"

Barcelona-based startup TravelPerk raises $104 million in funding led by SoftBank Vision Fund 2 to invest in AI development and new products, aiming to automate corporate travel and expenses using technologies like machine learning and neural networks. The fundraising round lifts TravelPerk's valuation to $1.4 billion, with plans to reach profitability by the end of 2024 and potential IPO readiness in the future. CEO Avi Meir emphasizes the practical adoption of AI for improving cumbersome problems in the travel business, highlighting the company's 60% profit margin and plans for continued hyper growth.