Photo - FlyNava Technologies FZE
48311

FlyNava Technologies FZE

Jupiter for airline pricing, pivoting for insurance industry

UAE
Market: Insurance, Transport, Tourism, sport
Stage of the project: Operating business

Date of last change: 27.07.2020
Min investment
$  1.000.000
Show contacts
Total required
$ 2.000.000
Rating
equalizer из 1000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:

Idea

Jupiter is successful at FlyDubai and POCs are underway at 3 large customer POCs. We are also reusing the product with the help of top consultants in the US to support insurance premium calculation. Our technology is solid with 18 months of live operation so that part is ready to be leveraged. This will balance the market potential of Jupiter. The overall vision of FlyNava to become a leading player in the core P of marketing P for multiple industries

Current Status

We have made AED 2m revenue in 2019-20 and are expanding in airlines with 3 more POCs. The product is live for 18 months without a single major issue. Technology is robust. We have now developed more modules to support airlines better in the COVID era which is also gaining traction. IATA conducted a webinar for us to showcase the same. Was chosen as one of the top 15 startups by IATA for unique innovation. We have a robust development center in India with 45 people. We want to grow fast to make the best of new opportunities in the COVID era with pivot to Insurance sector for a real-time premium calculator for auto and health

Market

Tier 1 and 2 airlines, global
Tier 1 and 2 Insurance companies in non-life areas, focus US market to start with
Total market for pricing solution for airlines globally is about US$ 1.4B
Total market for premium solution for insurance industry estimated at US$ 12B

Problem or Opportunity

Growth at various airlines including 3 airlines where POC is in progress,

Solution (product or service)

Jupiter for airlines and Jupiter for Auto and Health Insurance. A big data analytics PAAS platform for real time calculation and creation of fares for airlines and premium for Insurance sectors.

Competitors

Very few for continuous pricing in the airline and insurance industry, using big data, analytics, AI/ML platform high levels of advanced models and automation

Advantages or differentiators

Unique solution already in production with good traction
Strong development team in place
Pivot to Insurance industry
IPR for all the core elements of the technology
Cloud based with all open source tools leveraged for maximum value to customers
Long term contracts
Super ROI for customers in optimizing core function of pricing

Finance

Airline
Monthly usage of $45K-$100K per airline multi-year contract
Services and support $30-60K per month from each airline
Product enhancement $50K-100K per month

Currently operationally profitable, low-cost base with India development centre

Insurance
TBC

Business model

Product as a service, consulting and support services with domain specialty
Direct using network and partners like AWS and industry majors
Key metrics, customer addition, revenue per customer and customer life time value

Money will be spent on

New product development, 35%
The stronger team, especially domain experts for the insurance sector 15%
Marketing 15%
Retiring expensive debt 15%
POC for airlines and new insurance customers 10%
Contingency and cash flow reserves 10%

Offer for investor

10%

Team or Management

Risks

COVID risks for airlines addressed with new functionality
The ability of airlines to pay cash flow issues, so the pivot to Insurance and low-cost base in India for development
Jupiter for Insurance launch risks, 60-70 reuse of proven technology and partnership with strong domain experts from US for right scope and direction

Incubation/Acceleration programs accomplishment

We are full bootstrapped with 100% investment from the founders

Won the competition and other awards

Voted the most innovative pricing solution at ATPCO elevate in Washington DC in 2017
Chosen in Top 15 best airline startups of 2019-20 by IATA

Invention/Patent

Have provisional patent in India with 52 claims on the model, process, and data analytics for pricing. Final should be issued within this quarter as it has been nearly 18 since publication

Product Video

5,00
1
2
3
4
5
1 voice
Sign in/Sign up
arrow_back
EN
more_horiz
close
visibility50
star0
Add to favorites
Delete from favorites
share
close
thumb_up1
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video