FLYR Labs, the developer of an AI-driven revenue operating system for airlines, travel and transportation companies, announced Thursday that it has raised $150 million in Series C funding.
The funding round was led by WestCap, a growth equity firm founded by Laurence Tosi, the former CFO of Airbnb and Blackstone, with participation from Silver Lake Waterman and WndrCo, along with additional investors including Peter Thiel, Streamlined Ventures, JetBlue Technology Ventures and Gopher Asset Management.
FLYR’s cloud-based software uses deep learning technology to capture and contextually analyze massive amounts of data, allowing airlines to more accurately forecast demand and automatically set optimal fares.
The company primarily focuses on airlines, but it’s extending its technology across other travel and transportation industries such as rental cars, events, cargo and rail.
This latest round of funding will be used to expand the company’s product offerings, scale delivery capacity, support strategic acquisitions and develop customer teams to meet growing demand, according to a news release.
“Over the last 18 months, massive fluctuation across airline networks has validated the need for modern, AI-powered real-time solutions,” Alex Mans, CEO and founder of FLYR Labs, said in a statement. “This funding will ensure that we continue to scale and provide advanced, intuitive technology that addresses the dynamic needs of our transportation customers.”
The San Francisco-based company employs 120 people, with about 40 in San Francisco, 40 in Los Angeles, 20 in Dallas and 35 working remotely in the U.S.
FLYR is opening new offices in Los Angeles, Dallas and Amsterdam. The company anticipates growing its workforce to more than 200 employees by the end of the year.
FLYR said its revenue operating system has been shown to deliver an overall 7 percent increase in revenue, while also yielding a tenfold reduction in forecast errors, compared to legacy vendors.
By the end of this year, FLYR will manage more than $14 billion in revenue for its dozens of airline customers.
“As long-time travel industry investors and operators, we continue to be impressed by the vision of FLYR founder Alex Mans and his team for partnering with global travel leaders and transport businesses to give them the control and informed insights they need to optimize their businesses,” investor Tosi said in a statement. “FLYR has executed that vision by developing proprietary real-time data analytics built with engineering, product excellence, and innovation that produces intuitive data presentation and decision tools.”
