FLYR Labs Lands $150 Million in Series C Funding Led by WestCap
PR91829
SAN FRANCISCO, Sept. 22, 2021 /PRNewswire=KYODO JBN/--
-- Software Pioneer of The Revenue Operating System™ Accelerates Growth to Meet
Strong Demand and Expand Its Product and Service Offerings; WestCap Joins
FLYR's Board
FLYR Labs, pioneer of the data and AI-driven Revenue Operating System for
airlines, travel, and transportation, today announced it has secured $150
million in Series C funding led by WestCap (
https://c212.net/c/link/?t=0&l=en&o=3298062-1&h=7229239&u=https%3A%2F%2Fwww.westcap.com%2F&a=WestCap
), a growth equity firm founded by Laurence Tosi, former CFO of Airbnb and
Blackstone, with participation from Silver Lake Waterman, and WndrCo, along
with insiders Peter Thiel, Streamlined Ventures, JetBlue Technology Ventures,
and Gopher Asset Management. This funding will be used to expand the company's
product offerings, scale delivery capacity, support strategic acquisitions, and
develop world-class customer teams to meet growing demand.
Video - https://www.youtube.com/watch?v=_feH1VhmRLk
Logo - https://mma.prnewswire.com/media/1586649/FLYR_Logo_Color_Logo.jpg
"Too many leading travel companies have relied on static or manual forecasts
and pricing methodologies that do not adapt to today's dynamic real-time
environment, creating inefficiencies and missed opportunities," said WestCap
founder Laurence Tosi. "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.
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. The FLYR technologies
and products have not only driven FLYR's rapid growth and have produced
measurable scale benefits for FLYR's industry clients and, in turn, the
millions of travelers they serve every day. This is just the beginning 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 its stakeholders."
Current legacy systems fail to provide the insights and automation needed to
adapt to the modern challenges that transportation leaders face. FLYR's
approach leverages advanced AI that captures and contextually analyzes massive
amounts of data, enabling airlines to more accurately forecast demand and
automatically set revenue-optimal fares. FLYR's Revenue Operating System has
been shown to deliver an overall 7% increase in revenue while reducing forecast
errors by 10x as compared to legacy vendors. By the end of this year, FLYR will
manage over $14 billion of revenue for its dozens of airline customers.
"Over the last 18 months, massive fluctuation across airline networks has
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
scale and provide advanced, intuitive technology that addresses the dynamic
needs of our transportation customers."
FLYR Labs has drawn seasoned talent from PROS, American Airlines, General
Electric, IBM, and Southwest Airlines to key product and operational roles.
FLYR recently acquired Faredirect and xCheck (
), an AI-powered ancillary revenue optimization system and airfare tracking and
marketing technology, respectively, to further address capabilities requested
from its customer base. With new offices in Los Angeles, Dallas, and Amsterdam,
FLYR anticipates growing its workforce to over 200 team members by year-end.
While serving the needs of airlines is FLYR's primary focus, it is extending
its technology across other travel and transportation industries through
various strategic partnerships across rental cars, events, cargo, rail, and
more.
About FLYR Labs
FLYR Labs, the pioneer of the Revenue Operating System™, is focused on the
relentless application of advanced and intuitive technologies that help
transportation leaders unlock their ultimate potential. Its cloud-based
software solution leverages deep learning technology, a cutting-edge form of
AI, to provide ultra-accurate forecasting and actionable insights within one
comprehensive user interface. With FLYR, travel and transportation companies
can exponentially improve revenue performance, unify decisions across
commercial teams, and build a more efficient experience for their customers.
FLYR is headquartered in 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 (
).
About WestCap
The WestCap Group is a growth equity firm founded by Laurence A. Tosi, who,
together with the WestCap team, has founded, capitalized, and operated
tech-enabled, asset-light marketplaces for over 20 years. With over $4 billion
of assets under management, WestCap has made notable investments in technology
businesses such as Airbnb, StubHub, iPreo, Skillz, Sonder, Addepar, Hopper,
iCapital, and Bolt. For more information about WestCap, visit www.WestCap.com.
About Silver Lake Waterman
Silver Lake Waterman is part of Silver Lake, the global leader in technology
investing with more than $88 billion in combined assets under management and
committed capital and a team of professionals based in North America, Europe
and Asia. Silver Lake Waterman focuses on providing flexible growth capital to
later-stage growth companies in the technology and technology-enabled
industries. For more information about Silver Lake Waterman and Silver Lake,
please visit: www.silverlake.com.
SOURCE: FLYR Labs
CONTACT: media@flyrlabs.com
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