Fetcherr, a
specialist in artificial intelligence-powered pricing and inventory control for
airlines, has raised $42 million in Series C funding.
The investment
was led by Salesforce Ventures with previous investors Battery Ventures, Left
Lane Capital and M-Fund also involved.
The raise follows
a $90 million Series B round announced just over a year ago and led by Battery
Ventures.
“Fetcherr has
established itself as an essential revenue driver and a turnkey technology
partner for some of the world’s leading airlines,” said Roy Cohen, co-founder
and CEO of Fetcherr. “We’re thrilled to welcome Salesforce Ventures as a growth
partner. With the support of our investors, we’re set to expand beyond aviation
and into other legacy sectors where real-time, data-driven decision-making is
long overdue.”
Using its own
large market model, Fetcherr digests market dynamics to help airlines
forecast demand and generate real-time decisions around pricing, inventory and
resource management.
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Israel-based Fetcherr,
a PhocusWire Hot 25 Travel Startup for 2023, is used by a number of carriers
including Delta, Viva Aerobus and Virgin Atlantic.
During Delta’s
second quarter financial results, the airline said it was pleased with the
early results of AI pricing using Fetcherr’s technology.
"We like what we see. We like it a
lot, and we're continuing to roll it out, but we're going to take our time and
make sure that the rollout is successful as opposed to trying to rush it and
risk that there are unwanted answers in there," Glenn Hauenstein, the airline’s
president said at the time.
The latest funding will be put towards
expansion to new international markets and industries.
“Industries
across the board are undergoing seismic shifts with AI – the need for
intelligent, automated systems isn’t optional, it’s more critical than ever,”
said Nowi Kallen, managing director at Salesforce Ventures. “Fetcherr’s AI
platform is expanding the possibilities of generative AI for enterprises still
dependent on outdated logic and forecasting. We look forward to supporting
their next chapter of global growth and expansion into new domains.”