Industry body International Air Transport Association (IATA) has partnered with investment firm Travel Capitalist Ventures to launch the $5m NDC Innovation Fund, which will support investment into airline distribution.
The Switzerland-headquartered IATA represents some 240 airlines, comprising 84% of global air traffic.
NDC Innovation Fund will focus on small-to-medium sized businesses working to the New Distribution Capability (NDC) standard, an industry-supported programme to establish a data transmission standard.
The fund is seeking out start-ups involved in travel e-commerce sites, travel hubs, travel content, travel technology, and travel apps and software. It is currently accepting proposals from companies looking for capital, strategic and business plan support to meet the aviation industry’s current requirements.
Successful companies will receive funding of between $500,000 and $1m, technical resources, public relations support and travel industry advisors.
Tony Tyler, chief executive of IATA, said: “Airlines and travel agents will require tools and applications to manage this content. While we have every confidence in the abilities of existing players, IATA and Travel Capitalist have created the Innovation Fund to help spark creative solutions even more broadly.”