TapJets reaches Series A funding target
TapJets, the Texas-based instant online private jet booking platform, has reached the target for its Series A funding round.
According to the CrunchBase website, the funding raised close to $6 million against a pre-money valuation of $18 million. A pre-money valuation is given to a company before it raises any money in the current funding round.
TapJets founder and CEO Eugene Kessleman says that the additional funding will be used to increase the amount of machine learning and artificial intelligence used in its service. “With hundreds of thousands of flight requests being directed to private jet charter operators, we wanted to make the operators more efficient by leveraging our platform and other aircraft within the platform to win more trips”, he said.
The funding also allows the company to launch its new “SkyWizzard” platform which, it says, will help operators optimise sales.
The system works by training artificial intelligence to analyse requests from brokers and operators, and then optimises the movements of aircraft. The firm says that by using its platform, operators can increase aircraft utilisation between 15 – 20%, which helps increase operator profits.
“We want operators to spend more time in the air instead of in front of their quoting screens” said Bob Klumb, SVP, and co-founder of TapJets. “Our technology can handle 95% of the requests from brokers and other sources in real time. That stands for more bookings and more revenue hours flown.”