A group of aviation veterans just raised funding to fuel their startup that helps airline companies manage data and process analytics.
Seattle-based iJet Technologies reeled in $24.7 million, according to a new SEC filing. The funding is not listed as “equity,” but rather categorized as “other,” with this description: “Sale and issuance of preferred equity in exchange for the cancellation of certain debt obligations.”
iJet Technologies CEO John Schramm declined to comment on the investment.
Founded in 2010, iJet Technologies helps airline companies with a cross-functional data management and analytics platform. Its products and services intend to replace traditional hardware and custom software development with an open platform that reduces the need to create individual solutions that require their own proprietary avionics system.
“With the aviation connectivity market growing at double-digit rates, airplanes are increasingly connected via IP communication links to airline’s operations and maintenance control centers,” the company’s website notes. “Connected airplanes enable a new era of intelligent aircraft providing enterprises with a quantum leap in situational awareness and operational efficiency through streaming and integrated data.”
iJet has three product categories: iJet Airborne, iJet Ground, and iJet Maintenance.
“These application and analytic products use real-time data from the onboard platform, historical data from the ground platform, integrated airline and third party data in appropriate combinations, then add business logic and analytic algorithms to deliver on iJet’s vision of innovation,” the website notes.
Schramm was a pilot for Delta Airlines for nearly two decades before becoming COO at iJet in August 2014. Other executives include CTO Link Jaw, the founder of Scientific Monitoring Inc. and former chief analytics architect for Intel’s IoT group; VP of Software Engineering and Operations Jessica Rosch, a former engineer for Harris Corporation and Disney who joined iJet in 2013; and Senior Director of Aviation and Technology Paul Mallasch, who joined the company in 2011 after spending nearly a decade consulting for Tectura.
The company has 18 employees listed on LinkedIn.
Hemjo Klein is chairman of the board. Klein, appointed as chairman in January 2015, was previously CEO of Lufthansa Airlines’ Passenger Division and sat on Lufthansa Group’s executive board after spending more than a decade in managerial roles with the Germany-based airline giant. He was also previously a board member at Deutsche Bahn, Germany’s national railway organization.
The SEC filing also notes two other board members: Jan Petter Roed, listed on the company’s website as co-founder, and Dr. Thomas Rinderknecht, founder of Switzerland-based VECAP Venture Capital Partners AG.
