Airline revenue management technology company TravelX has secured an investment from Latin American venture capital firm Kaszek and closed its Series A round.
The total investment amount was not disclosed but was described as “substantial.” The round, which also included participation from Thayer Ventures, brings TravelX’s total funding to $45 million.
TravelX said the fresh capital will be used for product innovation, expansion of its artificial intelligence (AI) platform and strengthening of its global commercial presence. PhocusWire reached out to TravelX for more information on how the funding will be allocated.
“For decades, airlines have optimized the moment a ticket is sold. We have proven there are huge, untapped revenue opportunities that begin after the booking,” said TravelX CEO Juan Pablo Lafosse.
“Every day, millions of airline seats become more or less valuable as demand, operations and customer circumstances evolve. AI allows airlines to respond to those changes continuously, transforming static inventory into a dynamic commercial asset. We're proud that Kaszek shares this vision and excited to build the future of airline commerce together.”
Kaszek said this marks its first investment in aviation technology and reflects its belief that AI will create a new category of revenue management solutions.
“Artificial intelligence is reshaping every major industry, and we believe aviation is another high-potential opportunity market to be redefined," said Nicolas Berman, partner at Kaszek.
“TravelX isn't simply improving an existing process; its AI-native platform has the potential to fundamentally change how airlines monetize inventory, optimize their network and serve travelers.”
TravelX, a PhocusWire Hot 25 Travel Startup for 2023, raised $10 million in a seed round in March 2022.