AviLabs, the company behind airline disruption technology Plan3, has raised €8 million in fresh funding.
The investment in the Iceland-based company was led by Frumtak Ventures with existing investor Brunnur Ventures also participating.
Airline disruptions are said to cost the industry in the region of €60 billion in operational costs annually. The lack of technological solutions to address the challenges was addressed at a recent event with some experts saying the whole area of airline disruption and passenger recovery is "crazy under-developed."
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Avilabs, which launched in 2019, plans to put the funding into global expansion and further innovation in aviation technology. The company already works with a number of carriers including Transavia, Transat and Volotea.
“We’re delighted with this investment. Every airline is looking for effective solutions to mitigate the impact of disruptions – delays, missed connections, cancellations – on the passenger experience that are both efficient and economical,” said Sveinn Akerlie, founder and CEO of Plan3.
“Plan3 is that solution, and we’re thankful to VCs Frumtak and Brunnur for partnering with us, recognizing the need and opportunity in the aviation industry right now.”
And said Andri Heiðar Kristinsson, general partner of Frumtak Ventures, "The aviation industry is at a crossroads with legacy systems ripe for digital transformation, and Plan3 is perfectly poised to become a category leader in reshaping how airlines manage disruption and improve their bottom line. We believe their technology will not only transform the passenger experience but will also drive operational efficiency and cost savings across the sector."