RAINMAKER, THE airline software business run by former CityJet executive Pat Byrne, is raising €1.5 million from the Diageo Ulster Bank venture capital fund.
Rainmaker is a Dublin-based software developer that supplies a number of US and European airlines.
The company has secured €1.5 million from the Diageo Ulster Bank Venture Fund, which is managed by NCB Ventures, a division of the NCB stockbroking firm.
Rainmaker has developed specialist applications that provide airlines with web-based access to real time information on the performance of flight operations such as crew utilisation and pay and fuel management. Its products focus mainly on managing and reducing costs.
A number of regional airlines in the US and Europe including Jet Blue, Pinnacle Airline Group, ASA, Express Jet, Virgin America, Mesa of Arizona, CityJet, Loganair and Wideroe of Norway, use the Irish company’s systems.
It has recently recruited Aeroflot, Monarch and Spirit Airlines, the fastest growing airline in the US, as new customers.
Rainmaker’s chief executive is Pat Byrne, who occupied the same position with CityJet, which is now part of Air France KLM. Mr Byrne said yesterday that the company would use the money raised from the venture fund to increase its 22-strong workforce and boost sales and marketing activity in Europe, the US and Asia.
“We’ll also be undertaking continued product development and are confident we can further grow our international customer base, as airlines increasingly look for fast and effective solutions to reduce the cost of their business operations,” Mr Byrne added.
Leo Hamill, partner with NCB Ventures, said the market in which Rainmaker operates is “substantial and growing” and provides good opportunities for the business over the coming years. Mr Hamill will represent the company’s new investor on its board.
NCB Ventures manages the €75 million Ulster Bank Diageo Venture Fund, which was established in 2008 under the Enterprise Ireland Seed and Venture Capital Programme.
The fund invests between €1 million and €5 million in Irish companies across a range of sectors and all stages of development.
At this stage, it has backed 11 companies, AMCS, Britebill, Epub Direct, Ferfics, Gridstore, Helix Health, Heystaks, Rainmaker, Terminal Four Solutions, Xtra-vision and Zamano.
