FLYR Raises $295 Million to Expand AI-Based Travel Industry Platform
FLYR raised $295 million to accelerate the development and delivery of its reservation systems and artificial intelligence-based decision automation solutions to travel industry companies around the globe.
The company raised $225 million in Series D capital and an additional $70 million in credit, bringing the total amount of capital it has raised to date to $500 million, FLYR said in a Thursday (Aug. 8) press release.
“This capital raise is a testament to the growth FLYR has achieved thus far, and we’re excited to continue supporting the world’s largest travel providers at pace,” FLYR founder and CEO Alex Mans said in the release.
FLYR’s products are used by airlines and hospitality brands to manage data, interconnect hundreds of systems and deliver a better digital experience to their customers, according to the release.
The products are natively powered by AI and built upon modularity and open standards, including IATA New Distribution Capacity (NDC) and ONE Order, the release said.
FLYR’s latest funding round comes at a time when, over the past 12 months, the company’s annualized recurring revenue grew by 290%, per the release.
Laurence A. Tosi, who is managing partner and founder of WestCap, which led the funding round, and who will join FLYR’s board of directors, said in the release: “Much of the travel industry has been technologically stagnant for years, reliant on a handful of legacy incumbents with limited capacity to innovate. FLYR delivers 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 change in how business trips are booked and managed, PYMNTS reported in July.
Product introductions include an AI platform from Altour that aims to streamline corporate travel planning and cut costs; new technology from United Airlines that keeps passengers better informed during weather-related flight delays; an AI-powered platform from AMGiNE that is designed to simplify the process of arranging business trips; and an AI-powered digital travel agent developed by Serko in collaboration with UneeQ that aims to provide real-time pricing and availability.
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