Volantio, an optimization startup that has many airline customers, said on Thursday it had closed a $6 million Series A fundraising.
DiamondStream Partners, an aviation and aerospace venture capital firm, led the round in the Atlanta-based company. Alaska Airlines, one of Volantio’s customers, also took an equity stake. JetBlue Technology Ventures, IAG, Amadeus Ventures, and Ingleside Investors also made follow-on investments.
“Volantio has already delivered well over $20 million in annual benefit to Alaska Airlines, and that number continues to grow,” said Shane Tackett, Alaska Airlines’ chief financial officer.
Volantio’s software uses deep learning to tackle optimization challenges. Airlines have been its flagship customers so far. Its software helps airlines pinpoint flexible passengers on full flights using data. It then prompts these flyers to switch, in return for vouchers and other incentives, to other flights, thus making seats available for more profitable last-minute bookings.
Volantio said it “recently expanded into the live events industry through a first-of-its-kind partnership with Disney Theatrical Group.”
The startup won Skift’s Air Pitch competition at Skift Global Forum in 2018.