Irish business intelligence software company Rainmaker has raised €1.5m in venture capital. The investment will boost Rainmaker’s advance into overseas markets, especially the airline industry where its analytics tools provide real-time performance information.
The Ulster Bank Diageo Venture Fund is leading the investment, managed by NCB Ventures.
“This investment will allow us to expand our team of 22 people and significantly enhance our sales and marketing activity in key markets across Europe, the US and Asia," Rainmaker's CEO Pat Byrne said.
“We'll also be undertaking continued product development and are confident we can further grow our international customer base, as airlines increasingly look for fast and effective solutions to reduce the cost of their business operations."
Real-time performance information for airlines
Rainmaker has developed specialist applications which provide airlines with web-based access to real-time information on the performance of flight operations, such as crew utilisation, on-time performance, crew remuneration and fuel management.
Rainmaker's applications are used by a number of regional and point to point airlines in the US and Europe, including Jet Blue, the Pinnacle Airline Group, ASA, Express Jet, Virgin America, Mesa of Arizona, CityJet, Loganair and Wideroe of Norway. Recent customer wins include Aeroflot, Monarch and Spirit Airlines, the fastest-growing airline in the US.
“Fuel, crew and crew variable costs account for almost 50pc of all costs incurred by airlines," Byrne explained.
“Rainmaker addresses these specific major cost areas which puts us in a very strong competitive position at a time when achieving real savings is a high priority for all major carriers."