Airline revenue management company Volantio has secured $2.6m in a financing round led by Ingleside Investors.
International Airlines Group, JetBlue Technology Ventures, and Qantas Ventures also participated in the round as strategic investors.
Volantio’s solutions, YanaTM, utilises machine learning algorithms to support higher unit revenues, and improve flight capacity. The solution identifies flexible passengers on a high demand flight and offer them discounts to change to a less popular flight, and automatically rebooking them upon acceptance.
Through the technology, clients can lower financial, commercial and customer impacts to ensure flights aren’t oversold and potential revenue is maximised.
Qantas Group executive Rob Marcolina said, “The travel industry and customer needs continue to evolve and investments in innovations like Volantio are important to ensure we keep exploring ideas, disrupting the status quo and discovering new ways of working to deliver better outcomes for our business and our customers.
“As a participant in Qantas Ventures’ first AVRO Accelerator program, Volantio is a great example of the impact that investment in scale-ups can make.”
Earlier in the week, WeTravel, a payment processing platform for travel agencies, closed a $2m Seed investment round to support its international expansion plans. Last year, Pace closed a £2.5m Seed round led by InterGlobe to support the company’s platform, which uses machine learning to automate hotel room pricing.
Copyright © 2018 FinTech Global