US-based airfare forecasting platform Flyr has raised $150m yesterday in a series C round featuring airline operator JetBlue, which invested through corporate venturing unit JetBlue Technology Ventures.
Growth equity firm WestCap led the round and was also joined by new media holding company WndrCo, Silver Lake Waterman, Streamlined Ventures, Gopher Asset Management and private investor Peter Thiel.
Flyr operates an online platform that utilises deep learning technology to provide intelligence on future airline passenger demand and suitable airline prices. It claims it will manage over $14bn of revenue for its airline customers by the end of this year.
The company will use the series C proceeds to expand its product offering, complete strategic acquisitions, develop its delivery capabilities and grow its customer support division. It had received $10m from undisclosed investors in mid-2019.
Peter Thiel led an $8m series A round for Flyr in 2017 that included Axa Strategic Ventures, a corporate venture capital unit for insurance group Axa, as well as JetBlue Technology Ventures, travel technology provider Amadeus, Streamlined Ventures, Western Technology Investment, Plug and Play and Chasm Capital Management.
The series A round increased Flyr’s overall funding to $14.3m and it came after JetBlue Technology Ventures had provided $1m of funding in 2016.
Flyr closed a $3.7m seed round in April 2015 that was co-led by Streamlined Ventures and Montage Ventures and featured Western Technology Investment and assorted angel investors. Axa Strategic Ventures invested $500,000 in the company in January that year as part of a France-based joint venture called Flyr International.
Alex Mans, founder and CEO of Flyr, said: “Over the last 18 months, massive fluctuation across airline networks has validated the need for modern, [artificial intelligence]-powered real-time solutions.
“This funding will ensure that we continue to scale and provide advanced, intuitive technology that addresses the dynamic needs of our transportation customers.”