Lighthouse, an analytics provider for the travel industry, lights out $370M at a $1B valuation.

We have yet another sign of progress in the travel industry: a major fundraising by one of the B2B startups serving the area. Lighthouse, a data analytics platform for hotels and others in the travel industry, has closed a $370 million Series C round. The round led by KKR valued Lighthouse at more than $1 billion.

Lighthouse said it will use the funding to continue building more data sets, analytics tools and AI operations. It may also be using this large capital injection in acquisitions to grow its business: The company has acquired four acquisitions so far. One of those, Stardekk, took place earlier this year, bringing Lighthouse a hotel software that covers all booking management and more.

At $370 million, this round is one of the first large rounds headquartered in London, and one of the largest rounds in the tourism sector this year.

For those who track how the European start-up ecosystem is currently working, Lighthouse’s fundraising record is instructive: The company raised $80 million in 2021, when the initial fundraising was at its peak. This new round can be seen as a confirmation for investors that the startups have been checking the right boxes for the past few years.

Startups in Europe have been facing slower activity in several technology sectors, geopolitical turmoil, and slower economic growth. Lighthouse caters to the global travel market, currently valued at $15 million per year, and its focus on providing business intelligence while leveraging new technologies such as AI underscores how data-driven companies continue to see opportunities.

The company’s set of tools is not directly related to taking bookings or managing employees and accounts per session. Instead, it provides business intelligence, especially statistics and insights. Lighthouse says it aggregates 400 terabytes of travel and market data every day, and “uses AI” to provide insights to customers. Its products are aimed at large hotel chains and others that focus on smaller operations.

The startup says its tools are used by more than 70,000 hoteliers, including big names like Holiday Inn, Radisson and NH Hotel Group.

This round is a testament to the hotel industry’s need for better tools to improve their rates and overall customer offering — all the more important at a time when travelers have more options than ever, and more ways to find and book hotels.

“We’re just starting to make hospitality data and tools more powerful, accessible, and affordable,” said Sean Fitzpatrick, CEO of Lighthouse, in a statement. “I couldn’t be more excited about what we’re working on.” Hopefully TechCrunch speaks with Fitzpatrick later today to hear more.

The company’s previous round saw participation from Spectrum Equity, F-Prime Capital, Eight Roads Ventures, and Highgate Technology Ventures, and all of these investors also invested in this latest Series C.