Revenue and
operations optimization company
Volantio
has scored $6 million in Series A financing. The Atlanta-based
startup says it plans to use the money to rapidly scale its global team and
invest in product development.
The funding round was led by DiamondStream Partners, an
aviation and aerospace venture capital firm, with participation from Alaska
Airlines and follow-on investments from JetBlue Ventures, IAG, Amadeus Ventures
and Ingleside Investors.
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In the airline industry, Volantio’s GreenLeaf platform uses
machine learning to shift demand from flights that are close to selling out to those
with more space available. The company recently expanded into the live events
industry through a partnership with Disney Theatrical Group.
“Volantio’s technology represents a revolutionary ability to
maximize our clients’ revenue while also benefiting their end consumers: the
ultimate win-win,” says Azim Barodawala, Volantio’s co-founder and CEO.
“We appreciate the belief our clients and investors have
shown in our market-leading platform, and we are excited to deploy this capital
to further scale our transformative solution globally in the years to come,” Barodawala
says.
According to Shane Tackett, Alaska Airlines’ CFO, Volantio
has delivered more than $20 million in annual benefit to the airline, “and
that number continues to grow.”
“Just as revenue management companies transformed
fixed-capacity industries 30 years ago, Volantio’s platform is having a similar
impact today,” Tackett continues. “This technology will be industry-standard
functionality within the next three to five years, and we’re so excited to be
both an early adopter and an early investor in the company.”
Barodawala created the company in 2014 with co-founder and chief technology officer Fenn Bailey.
Listen to a PhocusWire podcast
episode
with Barodawala.