Icelandic venture capital firm Frumtak Ventures, with support from existing backer Brunnur Ventures, has led an €8 million investment in AviLabs, whose cutting-edge technology, Plan3, is designed to help airlines tackle disruptions affecting over 150 million passengers annually.
With airline disruptions estimated to cost the industry €60 billion each year in operational expenses and reputational damage, the need for scalable, automated solutions like Plan3 is becoming increasingly urgent.
Plan3 aims to streamline how airlines manage disruptions, offering a more efficient way to mitigate costs and improve passenger experiences.
“The aviation industry is at a crossroads with legacy systems ripe for digital transformation, and Plan3 is perfectly poised to become a category leader in reshaping how airlines manage disruption and improve their bottom line. We believe their technology will not only transform the passenger experience but will also drive operational efficiency and cost savings across the sector,” said Andri Heiðar Kristinsson, General Partner, Frumtak Ventures.
“Our continued investment in AviLabs is a testament to their strategic vision and the tangible results they’ve delivered in a short span. The future of airline disruption management is in automation and personalisation, and Plan3 is leading that charge,” added Sigurdur Arnljotsson, Founding Partner, Brunnur Ventures.