Blockskye, a travel industry-focused blockchain solution developer, raised Series A funding from Airlines Reporting Corp.
The amount of the deal was not disclosed.
THE PRESS RELEASE
ARC Invests in Travel Industry Blockchain Developer Blockskye
Investment Solidifies Company’s Relationship with Cutting-Edge Technology Company
April 04, 2019 01:00 PM Eastern Daylight Time
ARLINGTON, Va.–(BUSINESS WIRE)–Airlines Reporting Corp. (ARC) is pleased to announce an investment in Blockskye, a travel industry-focused blockchain solution developer. The Series A investment marks ARC’s first significant round of venture capital financing.
“Our recent collaboration with Blockskye, a major U.S. airline, and one of their largest corporate accounts makes us optimistic that there are near-term use cases for blockchain that drive strategic benefits and pull these already close relationships even closer,” said ARC President and CEO Mike Premo. “We’re delighted to make ARC’s first ever outside investment in Blockskye to support the development of this forward-thinking company and assure customers that the benefits of the industry ecosystem that ARC provides will be easily accessible even as new platforms like blockchain are deployed.”
“Blockskye is turning to ARC to provide marketplace leadership, carrier neutrality and trusted governance for new distribution strategies among ARC’s airline members and customers,” said Jerry Behrens, Blockskye’s chief relationship officer and co-founder.
Michael Share, Blockskye’s president and co-founder, commented, “Valuable corporate customers are increasingly demanding new ways to book and account for travel. We are focused on doing better for corporate buyers — and our partnership with ARC is a big step forward in that direction. Corporate buyers, TMCs and airlines all win.”
“Blockchain and shared ledger technology present a real opportunity to address a number of the inefficiencies and bottlenecks endemic to travel distribution. We are excited to continue our partnership with ARC,” said Blockskye CEO and Co-Founder Brook Armstrong.
ARC first announced a partnership with Blockskye in January upon the successful completion of a joint proof of concept to determine the viability of using blockchain technology, with the ARC settlement system, to facilitate the reporting and settlement of United Airlines tickets.
An industry leader in air travel distribution and intelligence, ARC settled $94.8 billion in ticket transactions in 2018 between airlines and travel agencies, representing more than 295 million passenger trips. ARC provides flexible distribution solutions, innovative technology and access to the world’s most comprehensive air ticket transaction data, helping the global air travel community connect, grow and thrive. For more information, please visit www.arccorp.com.
Blockskye is the founding travel member of the Enterprise Ethereum Alliance. Our solutions are custom, scalable, and designed for integration. We are bringing travel industry intelligence, know-how, and credibility to blockchain and new distribution. For more information, please contact firstname.lastname@example.org.