Unlocking the Potential of Data in Aviation
As the aviation industry continues to grow and evolve, commercial airlines are facing increasing pressure to optimize their flight schedules. With billions of dollars at stake, even small changes can have a significant impact on revenue, profits, and reliability. Steve Casley, CEO of Odysee, believes that AI-powered software is the key to unlocking the potential of data in aviation.
A New Venture Lab Emerges
Odysee was born out of an aviation-focused venture lab formed by Alaska Airlines and UP.Labs. The two companies came together last year to create startups designed to address specific issues in aviation travel, such as guest experiences, operational efficiency, aircraft maintenance, routing, and revenue management.
A $5 Million Pre-Seed Round
Odysee has raised $5 million in a pre-seed round led by UP.Partners, the Los Angeles-based VC firm connected to UP.Labs. Alaska Star Ventures, which launched in October 2021, invested $15 million into UP.Partners’ inaugural early-stage fund.
Addressing the Issue of Scheduling
Alaska Airlines CEO Ben Minicucci flagged scheduling as an issue early on, according to Casley. And it’s no wonder. While there is software that provides flight data analysis and scheduling, Casley argues they all lack the kind of real-time time and — critically — revenue predictions that Odysee is building.
"You need some tools to make better decisions," Casley said in a recent interview. "Typically across airlines, schedule changes are made by planners with experience that do it by intuition. I wouldn’t say the seat of their pants, because a good portion of the time they’re going to be right because they’ve seen bad changes and good. But they never really had the data to back up those decisions."
The Power of AI-Powered Software
The software, armed with data, can run hundreds of simulations within seconds to quickly quantify how schedule changes might affect revenue, profits, and reliability, according to the company.
"There are other optimizers out there," Casley said. "But none of those models, or any of the companies out there offering optimization, to my knowledge, offer revenue predictions."
Machine Learning Model
The machine learning model Odysee built contains about 42 attributes that involve everything from the time and day of departure to traffic on a particular route and competitor schedules.
The startup found in early simulations it was able to save Alaska hundreds of thousands of dollars on just one scheduling change.
User Acceptance Testing
Odysee is currently conducting user acceptance testing with Alaska. Once that’s complete, Alaska will begin a trial of the software, which Casley expects will begin by the end of October.
A Quick Timeline
The speedy path to commercial products is one of UP.Labs’ chief selling points. The firm is partnering with major corporations like Porsche, Alaska Airlines, and recently J.B. Hunt, to establish startups with new business models that aim to solve that industry’s biggest problems.
Under each partnership, six startups will be formed over three years.
Independent Startups
These startups won’t be created solely to serve the corporate partner — in this case, Alaska Airlines. Rather, they will operate independently and as commercial enterprises from the get-go, eventually bringing in revenue by selling products or services across the industry.
The Future of Aviation
Odysee’s AI-powered software has the potential to revolutionize the way commercial airlines approach flight scheduling. With its ability to provide real-time data and predict revenue outcomes, it could be a game-changer for the industry.
As Casley said, "We believe that our technology can help airlines make better decisions, increase revenue, and improve reliability."
Conclusion
The aviation industry is facing increasing pressure to optimize flight schedules, and Odysee’s AI-powered software is well-positioned to provide a solution. With its machine learning model and ability to predict revenue outcomes, it has the potential to revolutionize the way airlines approach scheduling.
As the industry continues to grow and evolve, one thing is certain: data will play an increasingly important role in decision-making. And Odysee’s software is at the forefront of this trend.
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