OpenAirlines, a world leading provider of eco-flying software solutions, announces a new milestone in its growth trajectory after raising nearly to 45 million euros from Eiffel Investment Group, leading the operation through its Eiffel Essentiel fund, with the backing of Mirova, a Natixis Investment Managers affiliate dedicated to sustainable investments. Both funds are leading the way in Europe’s energy transition. These two leading players in the field of energy transition in Europe are committed to supporting the growth of OpenAirlines, previously backed by alter equity, in order to speed up the company’s vital contribution to the aviation industry’s decarbonisation drive. This line-up will also be joined by the Caisse de Retraite du Personnel Navigant Professionnel de l’Aéronautique Civile (France’s pension fund for cabin crew in the civil aviation industry, known as CRPN) by the end of this year. The company plans to draw on the support provided by these new shareholders to further develop its business across North America and Asia and make acquisitions that will add to its range of services.
Reducing CO₂ emissions and costs: fuel, a major issue within the aviation industry
The aviation industry accounted for 2% of the world’s CO₂ emissions in 20221 and is in the midst of a transition, with most airlines aiming to become carbon neutral by 20502 in response to the climate emergency. Fuel plays a crucial role in achieving this goal, representing approximately 30% of an airline’s operating expenses 3, making it a significant economic lever. It is with this dual challenge in mind that Alexandre Feray founded OpenAirlines back in 2006.
Breakthrough technology for a more environmentally responsible aviation industry
OpenAirlines is developing a digital environmental performance management solution marketed under the name of SkyBreathe® and designed to help airlines reduce their fuel consumption and CO₂ emissions at each stage of the flight cycle. The solution, available in SaaS mode4, leverages advanced machine learning and artificial intelligence technologies, analysing over 15 million flights with the aim of issuing recommendations and optimising eco-flying. OpenAirlines boasts the largest database on the market and a powerful set of tools, enabling pilots and ground crews to make better decisions. By doing so, it reduces fuel consumption by 3% to 5% per flight and generates returns on investment of 10x to 15x for its clients. The company wishes to continue developing SkyBreathe OnBoard, its cockpit connectivity technology providing pilots with recommendations in real time. It also seeks to expand its product portfolio by designing tools tailored to air traffic controllers as well as tools that will assist airlines with their ESG programmes5 amid increasingly stringent regulations.
Already generating a tangible impact on the aviation industry’s ecological transition
This value proposition is unparalleled in the market and has enabled OpenAirlines to quickly establish itself as a key player in the aviation industry’s ecological transition. Over 70 airlines worldwide currently make use of its technology, including Air France, Korean Air, EasyJet, JetBlue, flyDubai, Indigo and DHL.
Companies using SkyBreathe® made significant strides in reducing their carbon footprints in 2023 by avoiding 1.4 million metric tons of CO₂ and saving 420,000 tons of fuel. By way of comparison, this corresponds to seven times the amount of CO₂ saved by all the sustainable aviation fuels (SAF) produced worldwide the previous year.
Profitable growth and solid growth prospects
OpenAirlines has turned in a profit since 2021 and delivered annual growth of 30% for the past five years. It continues to expand rapidly, achieving €10 million in annual recurring revenue (ARR) in 2024. The start-up is headquartered in Toulouse and operates offices in the United States, Canada and Hong Kong. It currently generates 37% of its revenues in Europe, 30% in the Americas and 33% in the Asia-Pacific, Middle East and Africa region.
OpenAirlines is expanding its ambitions in the aviation decarbonisation market, which is set to triple in size by 2030, with this funding of nearly €45 million. The operation seeks to consolidate the company’s position as the world’s no.1 and is backed by Eiffel Essentiel (the lead manager) and Mirova (via its private equity strategy), both major contributors of funding for Europe’s energy transition. The operation also marks the exit of OpenAirlines’ long-standing investor, Alter Equity, which has backed the company since 2015.
A new phase of growth to consolidate its position as a world leader
With these new investors on board, OpenAirlines will be able to step up its growth strategy and consolidate its position as a world leader. It plans to do so by further developing its business across Asia and North America, both of which are strategic and fast-growing markets. OpenAirlines also intends to cater to the entire spectrum of airline departments by building on its range of services aimed at enhancing energy efficiencies and reducing carbon footprints. With this in mind, OpenAirlines plans to launch an ambitious external growth strategy seeking to expand the range of services offered through its SkyBreathe platform.
The figures mentioned in this press release are provided by OpenAirlines and subject to change without notice. The information provided reflects OpenAirlines’ opinions about the situation at the date of this document and is subject to change without notice. All securities referred to in this document are mentioned for illustrative purposes only and in no way constitute investment advice, a recommendation or a solicitation to buy or sell.
(1) Source: International Energy Agency (IEA)
(2) Source: “Fly Net Zero by 2050” commitment adopted by the IATA (an association representing 80% of global air traffic)
(3) Source: listed airlines benchmark
(4) Software as a Service
(5) Environment, Social and Governance