FLYR has raised $295 million to accelerate the development and deployment of its reservation systems and artificial intelligence-based decision automation solutions for travel companies around the world.
The company has raised $225 million in Series D and another $70 million in debt, bringing the total amount of funds raised to date to $500 million, FLYR said on Thursday (8 August) Press release.
“This capital increase is a testament to the growth FLYR has achieved to date and we are excited to continue supporting the world’s largest travel providers at this pace,” said FLYR founder and CEO Alex Mans says the press release.
FLYR’s products are used by airlines and hotel brands to manage data, connect hundreds of systems and provide a better digital experience to their customers, the press release said.
The products are based on artificial intelligence and modularity as well as open standards, including IATA New Distribution Capacity (NDC) and ONE Order, the press release states.
FLYR’s latest financing round comes at once Over the past 12 months, the company’s recurring revenue increased 290% year-on-year, the press release said.
Laurence A. TosiManaging partner and founder of WestCapwho led the funding round and will join FLYR’s board of directors, said in the press release: “Much of the travel industry has been technologically stagnant for years, relying on a handful of established companies with limited ability to innovate. FLYR offers the open and dynamic platform the travel industry needs. to better serve travelers and expand their services.”
Travel companies are introducing a range of AI-powered tools, signaling a shift in how business travel is booked and managed, PYMNTS reported in July.
The new products include an AI platform from Altour which aims to optimize corporate travel planning and reduce costs; new technology from United Airlines passengers are better informed about weather-related flight delays; an AI-supported platform from AMGINE designed to simplify the organization of business trips; and an AI-powered digital travel agency developed by Serko in cooperation with UneeQ which aims to provide real-time pricing and availability.
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