TL;DR:
- Fetcherr uses AI algorithms to dynamically price airfare
- Airlines currently rely on outdated technology and systems
- Fetcherr raised $12.5 million in funding, bringing total funding to $31 million
- Funds will be used for business development, market expansion, and growing US presence
- Fetcherr’s solution predicts demand using real-time models and provides automated pricing recommendations
- Algorithms are tailored to each airline’s demographic and trained on vast amounts of data
- The platform simulates selling of flights and seats using AI algorithms trained on consumer behavior
- Already attracting attention from Azul Airlines and other industry players
- Poised to revolutionize the industry and drive significant growth.
Main AI News:
The airline industry is facing a major challenge with regard to technology investment, as legacy systems and outdated infrastructures are still heavily relied upon by airlines. This is despite the rise of AI and its potential to drive profits and reduce costs. Recognizing this issue, Roy Cohen co-founded Fetcherr, a platform that utilizes AI algorithms to optimize airfare pricing.
Recently, Fetcherr successfully raised $12.5 million in funding, led by Left Lane Capital, with participation from M-Fund. This brings the company’s total funding, including equity and debt, to a significant $31 million. As CEO, Roy Cohen plans to use these funds to support business development and market expansion and increase Fetcherr’s presence in the US market.
Fetcherr’s solution is a game changer for the industry, as it predicts demand using real-time models and provides automated pricing recommendations, thus addressing the limitations of traditional revenue management systems. The algorithms used by the platform are customized to each airline’s demographic and are trained on vast amounts of data, including several years of booking data, flight schedules, and market trends.
The platform works by simulating the selling of flights and seats by the airline, powered by AI algorithms that have been trained to predict consumer behavior in the air travel market. This cutting-edge solution has already attracted the attention of Azul Airlines, among other prominent players in the industry. With Fetcherr’s innovative approach to pricing and revenue management, the company is poised to revolutionize the industry and drive significant growth in the years to come.
Conlcusion:
The recent $12.5 million funding secured by Fetcherr highlights the potential for AI to revolutionize the airline industry. Despite relying on outdated technology and systems, the industry is recognizing the need for change and the potential for AI to drive profits and reduce costs. Fetcherr’s solution, which predicts demand using real-time models and provides automated pricing recommendations, has already attracted the attention of major players in the industry and is poised to drive significant growth in the coming years. This significant investment in Fetcherr is a positive sign for the future of the airline industry and the potential for AI to play a transformative role in the sector.
