FLYR, a US-based tech startup that uses predictive analytics and machine learning to predict travel ticket prices, has raised $8m (£6.5m/€7.5m) in Series A funding.
FLYR (which rhymes with “fire”) is best known for its FareKeep product, which lets travellers lock in the price of an airline ticket for a week, for a fee of $20 or more. If the price of a ticket drops by more than the locking fee, FLYR’s artificial intelligence-generated (AI) software alerts the traveller of the better price, and they can either book through at that lower price, or get a refund for the difference.
FareKeep is already being used by TripAdvisor and other major sites.
The funding round was led by Peter Thiel, with participation from existing investors JetBlue Technology Ventures, Streamlined Ventures, AXA Strategic Ventures, Amadeus, Western Technology Investment, Plug and Play and Chasm Capital Management.
In a statement, FLYR said it intends to use the funds to expand its suite of fare prediction and booking optimisation solutions.
“We are invigorated by Peter Thiel’s investment in FLYR” said Jean Tripier, co-founder and chief executive of FLYR. “Our fare prediction platform enables solutions that provide peace of mind for travellers, and now we can push innovation even further and faster to meet the demand for new and better ways to book your next trip.”
“This investment will enable us to take a variety of new solutions to market, optimising travellers’ time of booking or the way they pay for their trip”, said Alex Mans, co-founder and chief technology officer at FLYR.
As well as FareKeep, FLYR’s products include Foresight, a predictive engine that delivers a comprehensive set of fare predictions, and FareBeacon, a fare alert solution that notifies users prior to anticipated price changes.
FLYR told the TechCrunch website that one new product in development will allow travellers to pay for a ticket in instalments instead of one lump sum. It also wants to expand beyond Europe and North America.
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