JetBlue’s new Venture Capital firm JetBlue Technology Ventures has made its first pick of startups by backing FLYR, which uses machine learning and predictive analytics to predict airfares trends and air travel demand.
The start-up founded in 2013, helps flyers work around complex airline dynamic airfares models plotting possible changes in airfare and helping airlines predict customer demand and missed revenue streams.
“In just a few short weeks, we have heard from hundreds of startups with incredible ideas about the future of travel,” said Bonny Simi, president, JetBlue Technology Ventures. “We choose FLYR as our first investment because they share our belief that predictive analytics can provide value to travellers and will change the travel experience in ways we have yet to imagine.”
At present, San Francisco-based FLYR creates “ultra-precise price forecasts,” for all routes in North-American and most European flights. The company will use JetBlue Technology Ventures capital and investments from other recent rounds of funding to expand its product line in the airline and hospitality sectors.
“The interest we see from leaders within the travel industry speaks not only to the power of our solutions, but also to the utility we can offer to both consumers and travel companies” said Jean Tripier, Co-founder and Chief Executive Officer of FLYR. “Constantly changing airfares have always been a source of stress for travelers. Our predictive analytics can provide peace of mind for those travelers, but also has the potential to change the way travel providers capture and satisfy early demand, bringing higher engagement with travelers and increased revenue as well. We’re enabling innovation, one traveler at a time.”
For more information on airline Venture Capital endeavours, read these articles I wrote for the APEX association and Skift:
Sky-High Tech: JetBlue Technology Ventures Will Foster Travel Innovation, APEX
What Airlines Really Want When They Turn to Silicon Valley, Skift