FLYR Labs Secures $ 150 Million Series C Funding Led by WestCap
Revenue Operating System ™ Software Pioneer Accelerates Growth to Meet Strong Demand and Expand Product and Service Offerings; WestCap Joins FLYR Board of Directors
SAN FRANCISCO, September 22, 2021 / PRNewswire / – FLYR Labs, a pioneer in the AI and data-driven revenue operating system for airlines, travel and transportation, today announced it has obtained $ 150 million in Series C financing led by West Cape, a development capital company founded by Laurence Tosi, former CFO of Airbnb and Blackstone, with participation of Silver Lake Waterman, and WndrCo, as well as insiders Pierre Thiel, Streamlined Ventures, JetBlue Technology Ventures, and Gopher Asset Management. This funding will be used to expand the company’s product offerings, increase delivery capacity, support strategic acquisitions and develop world-class customer teams to meet growing demand.
“Too many large travel companies have relied on static or manual forecasting and pricing methodologies that fail to adapt to today’s dynamic real-time environment, creating inefficiencies and missed opportunities,” said the founder of WestCap. Laurence Tosi. “As long-time investors and operators of the travel industry, we continue to be impressed with the vision of the founder of FLYR Alex mans and his team for partnering with global travel leaders and transportation companies to give them the control and insight they need to run their businesses. FLYR has implemented this vision by developing proprietary real-time data analytics based on engineering, product excellence and innovation that produce intuitive data presentation and decision tools. FLYR technologies and products have not only driven FLYR’s rapid growth and produced measurable benefits of scale for FLYR’s industrial customers and, in turn, the millions of travelers they serve every day. This is just the start for the FLYR team and WestCap is proud to join them on their inspiring journey to transform the travel industry for the benefit of all of its stakeholders. “
Current legacy systems fail to provide the information and automation needed to adapt to the modern challenges facing transportation leaders. FLYR’s approach is powered by advanced AI that contextually captures and analyzes massive amounts of data, allowing airlines to more accurately forecast demand and automatically set optimal fares for revenue. FLYR’s revenue operating system has been shown to generate an overall 7% increase in revenue while reducing forecasting errors by 10 times compared to traditional vendors. By the end of this year, FLYR will manage more than $ 14 billion in turnover for its dozens of airline customers.
“Over the past 18 months, massive fluctuations between airline networks have validated the need for modern, AI-powered real-time solutions,” said Alex mans, CEO and Founder of FLYR Labs. “This funding will ensure that we continue to evolve and deliver advanced, intuitive technology that meets our customers’ dynamic transportation needs. “
FLYR Labs has attracted seasoned talent from PROS, American Airlines, General Electric, IBM and Southwest Airlines to key product and operating roles. FLYR recently acquired Faredirect and xCheck, an AI-powered ancillary revenue optimization system and airline ticket tracking and marketing technology, respectively, to further meet customer demanded capabilities. With new offices in Los Angeles, Dallas, and Amsterdam, FLYR plans to grow its membership to over 200 members by the end of the year. Although meeting the needs of airlines is the primary focus of FLYR, it is expanding its technology to other travel and transportation sectors through various strategic partnerships in the areas of car rental, events, freight, rail, etc.
About FLYR Labs
FLYR Labs, the pioneer of the Revenue Operating System ™, focuses on the relentless application of advanced and intuitive technologies that help transportation leaders unlock their ultimate potential. Its cloud-based software solution harnesses deep learning technology, a cutting-edge form of AI, to deliver ultra-precise forecasting and actionable insights within a comprehensive user interface. With FLYR, travel and transportation companies can exponentially improve revenue performance, unify decisions between sales teams, and create a more efficient experience for their customers. FLYR is headquartered at San Francisco with offices in Los Angeles, Dallas, Krakow and Amsterdam. To learn more about FLYR, visit flyrlabs.com or follow @flyrlabs on Twitter and LinkedIn.
The WestCap Group is a private equity firm founded by Laurence A. Tosi, who, along with the WestCap team, has founded, capitalized and operated markets with technology and light assets for over 20 years. With over $ 4 billion of assets under management, WestCap has made notable investments in technology companies such as Airbnb, StubHub, iPreo, Skillz, Sonder, Addepar, Hopper, iCapital and Bolt. For more information on WestCap, visit www.WestCap.com.
About Silver Lake Waterman
Silver Lake Waterman is part of Silver Lake, the world leader in technology investments with more than $ 88 billion in combined assets under management and in committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake Waterman is focused on providing flexible growth capital to late stage growth companies in the tech and tech industries. For more information on Silver Lake Waterman and Silver Lake, please visit www.silverlake.com.