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.