Volantio Announces Successful Completion of $6M Series A
Longtime customer Alaska Airlines invests in company
ATLANTA, September 29, 2022 (Newswire.com) - Volantio, an Atlanta-based technology startup, today announced the successful completion of its $6 million Series A raise 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. The company plans to use the capital to rapidly scale its global team and invest in product development.
Volantio's market-leading platform "GreenLeaf" uses machine learning to address optimization challenges for fixed-capacity industries, which today represent over $5.7 trillion in revenue globally. One strong use case for this type of technology lies within the aviation industry: GreenLeaf shifts demand from flights that are close to selling out to others with more space available — increasing revenue, lifting asset utilization, and improving the experience for both customers and front-line airline staff.
The company has more than tripled its customers in the last two years, and has recently expanded into the live events industry through a first-of-its-kind partnership with Disney Theatrical Group.
"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' CFO. "Our guests and front-line staff alike love the product. Just as revenue management companies transformed fixed-capacity industries 30 years ago, Volantio's platform is having a similar impact today. 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."
"Volantio's technology represents a revolutionary ability to maximize our clients' revenue while also benefiting their end consumers: the ultimate win-win," said 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."
About Volantio: Founded in 2014 by Azim Barodawala and Fenn Bailey, Volantio addresses revenue and capacity optimization challenges for capacity-constrained industries, which represent over $5.7 trillion in value globally. The company today works with over 18 airlines worldwide along with Disney Theatrical Group, and has received investment from some of the largest names in travel, including Alaska Airlines, Qantas, IAG, JetBlue, and Amadeus.