Estonian-founded SkySelect, an innovative platform employing artificial intelligence for aviation parts procurement, has announced it raised US$9 million in recent funding. The company’s technology aims to address the operational and financial hurdles faced by airlines in sourcing replacement components for aircraft, which often results in costly delays and excess inventory.
Aircraft-on-ground (AOG) events cost the aviation industry an estimated US$30 billion annually, as carriers rely on manual, fragmented sourcing approaches that lack real-time market visibility. SkySelect's AI-driven algorithms automatically match requests with the most suitable global suppliers, providing real-time market data and streamlining the supply chain.
By facilitating a just-in-time procurement process, the platform helps airlines reduce the need to stockpile safety parts, lowering logistics costs and carbon emissions. Since its inception, SkySelect has processed transactions exceeding US$6 billion, with notable clients including JetBlue, Sun Country Airlines, and Vueling, demonstrating its expanding influence in the industry.
The funding round was co-led by Verb Ventures and RockCreek, with additional backing from the EU-backed SmartCap Green Fund, Bain Capital Ventures, and Lux Capital, reflecting strong investor confidence in the company’s growth potential.
