OpenAirlines crosses a new stage in its development with a second fundraising of EUR 1 million, signed equally by its historic shareholder, the French investment fund committed to Sustainable Development Alter Equity3P, and a EUR 500k loan granted by Bpifrance.
This investment completes company´s first raise of EUR 1 million made in June 2015 and will accelerate the SkyBreathe development towards a use of the software in the cockpit, in real time, while nowadays the software is only used by pilots before or after their flights.
Allowing airlines to reduce their carbon footprint while reducing their fuel bill, that´s the innovative concept behind SkyBreatheÂ®, an eco-flying software launched in 2013 by OpenAirlines. Drawing on 8 years of R&D, sophisticated Big Data algorithms, Artificial Intelligence and Machine Learning, SkyBreatheÂ® assess flights´ efficiency performance of airlines. After each flight, the software analyzes the millions of data available in Flight Data Recorders (black boxes) to provide with constructive feedback about the most efficient best practices that reduce fuel burn and CO2 emissions.
The SkyBreathe solution is today installed on more than 26 airlines including Atlas Air, Cebu Pacific, Flydubai, Hop!, Icelandair, Royal Air Maroc, Transavia, Volotea, Wow and recently Malaysia Airlines.
OpenAirlines was founded in Toulouse, France, in 2006 to meet the needs of airlines wishing to optimize their flight operations and to reduce costs. Leveraging a team of airline specialists, it offers innovative software solutions to save fuel (SkyBreatheÂ®), manage crews (CrewIntelligenceâ¢ and CrewPadâ¢) and fleet (OptiFleetâ¢).
Alter Equity3P is an early growth fund committed to Sustainable Development. It supports activities and behaviors deeply respectful of nature and people´s long term interests, while seeking an attractive return for its subscribers. This philosophy is symbolized by the 3P of its name, which stand for People Planet Profit. The fund invests amounts of EUR 1 to 6 million in French companies with a turnover of at least EUR 1m, through minority or majority stakes.
Bpifrance, the French public investment bank, has the ambition to help businesses, ranging from start-ups to medium-sized companies, and occasionally large companies, to innovate, invest, grow and export. By sharing the risks with its private and public partners, Bpifrance provides a continuum of financing, from short-term credits to equity capital.