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
SAN FRANCISCO, Sept. 22, 2021 /PRNewswire/ -- 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, 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.
"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.
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.