Deal Engine, an AI-enabled platform that automates airline ticket refunds and changes, announced it has raised $5.3 million in seed funding to simplify transactions and post-booking operations for travel companies. The round was led by F-Prime Capital with participation from Thayer Ventures, PAR Capital Management, Plug and Play, as well as several prominent angel investors. The funding will be used to expand globally and accelerate engineering, product, and sales.
The airline industry has faced unprecedented business challenges since the start of the COVID-19 pandemic, which initially shut down all travel and left airlines scrambling to add staff and upgrade technology as they faced anger over prolonged call center wait times while tackling a surge in air travel following COVID-19 vaccinations. According to Deal Engine’s ticket analysis, of the 4.5 billion passengers carried by airlines each year, approximately 10% of all tickets (450 million) are either refunded or changed, representing unnecessary time and cost for both travelers and travel companies alike.
“We built Deal Engine to simplify travel transactions. Historically, travel companies needed to hire armies of people to manually calculate and process ticket refunds, creating inefficient and costly experiences for both companies and their travelers,” said Alex Jara, CEO of Deal Engine. “Today, we monitor over 60 million tickets annually, representing $15 billion dollars in ticket bookings. Deal Engine’s technology enables travel companies to simplify complex manual processes, saving millions of human hours each year.”
A request through Deal Engine’s easy-to-use dashboard or API, prompts its AI-enabled platform to optimally process even the most complex airline transactions from a single point. Integrations with Global Distribution System (GDSs) and settlement systems such as Sabre, Amadeus, Travelport, BSPLink, and ARC enables Deal Engine to automatically execute thousands of refunds and changes each day, saving time and money.
“Post-booking transactions are painful and expensive for travelers and companies given limited transparency, complex fare rules, multiple participating parties, and costly call center support,” said Gaurav Tuli, Partner at F-Prime Capital. “Deal Engine’s innovative tech empowers travelers to manage their travel plans more effectively and in a way that doesn’t burden the airlines or OTAs. Deal Engine’s team understands the complexities of the travel and ticketing industry, and the Company’s ability to streamline the entire process means travelers don’t have to wait hours on the phone or website when their plans change.”
Deal Engine is on a mission to bring digital transformation to the travel industry. Utilizing proprietary AI and APIs, its algorithms bring automation to travel companies in over 30 countries. Deal Engine eliminates manual processes, and ensures people spend their time where they generate more value. For more information, visit https://www.deal-engine.com/.