Wenrix Team (Facebook)
Wenrix, an Israeli startup that specializes in flight ticket price prediction, raised $15 million in a Series B funding round led by Insight Partners. The company has now raised a total of $23 million to date.
Founded in 2017, Wenrix uses AI technology to help travel agencies collect money off the table, by generating new savings and boosting conversion rates on bookings. The company boasts that it knows how to purchase flight tickets for online travel agencies and travel management companies exactly at the right moment, for a minimal price. With its AI-powered SaaS platform travel agencies can get the best future airfares based on predictions.
The Wenrix system has 1,200 Deep Learning algorithms and 5 billion fares daily, which is a lot of data to process. But it’s clear that the system is effective, as it can predict the future lowest possible airfares.
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All this allows businesses to make better decisions about when to book flights. If they know the lowest possible fare in advance, they can be more strategic about when to buy tickets. This can save them money and help them to improve their bottom line.
The ability to predict future airfares can help businesses to build better customer relationships. If they can offer customers the lowest possible fares, they will be more likely to book with them in the future. This can lead to increased sales and revenue.
And the ability to predict future airfares can help businesses to develop new revenue streams. For example, they could use the data to create a subscription service that alerts customers to the lowest possible fares. This could be a valuable service for customers who are always looking for the best deals on flights.
Amir Balaish, CEO of Wenrix, said, “We were very fortunate that while the flight market was completely stagnant, we were able to continue to develop the product and technology and managed to connect with some of the world’s top travel groups. Our efforts paid off with significant revenue growth.”
