FLYR Labs Lands $150 Million in Series C Funding Led by WestCap

FLYR Labs

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 (

https://c212.net/c/link/?t=0&l=en&o=3298062-1&h=4288077526&u=https%3A%2F%2Fflyrlabs.com%2Fresource-hub%2Fflyr-labs-acquires-faredirect-and-xcheck%2F&a=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 (

https://c212.net/c/link/?t=0&l=en&o=3298062-1&h=1321173531&u=https%3A%2F%2Fflyrlabs.com%2F&a=flyrlabs.com

) or follow @flyrlabs on Twitter (

https://c212.net/c/link/?t=0&l=en&o=3298062-1&h=1613214913&u=https%3A%2F%2Ftwitter.com%2Fflyrlabs&a=Twitter

) and LinkedIn (

https://c212.net/c/link/?t=0&l=en&o=3298062-1&h=3926550261&u=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2F2906214%2Fadmin%2F&a=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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