El Al's Cockpit Innovation teams with Lufthansa

Cockpit Innovation, the high-tech investment arm of El Al Israel Airlines Ltd. (TASE: ELAL) has formed a strategic partnership with Lufthansa Systems, the IT service provider of the German airline. Cockpit and Lufthansa Systems will collaborate in identifying and nurturing aviation and travel entrepreneurship startups.

Cockpit has invested so far in seven companies in areas such as AI, Big Data, communications and fintech, which create new, high-quality value for customers and enhance the efficiency of airlines and other sectors in the industry. Portfolio companies include 30secondstofly, Routier and Bidflyer.

Cockpit also recently became a key investor in the second financing round of AeroCRS, in which the startup raised more than NIS 1 million. AeroCRS has developed a platform based on an advanced SaaS (Software as a Service) model that enables airlines to set up and manage their entire digital operations, distribution and sales system within a few days. AeroCRS serves more than 50 airlines worldwide.

Cockpit CEO Henry Chen Weinstein said, "The right partnerships have proved themselves as innovation catalysts. We are constantly working to expand Cockpit’s global ecosystem. The connection between Cockpit and a leader in the worldwide industry such as Lufthansa Systems is undoubtedly a major achievement on the path toward the ability to invest in and support startups that focus on additional sectors in the industry on a global scale."

Lufthansa Systems CEO Stefan Auerbach said, "We are delighted being part of this unique digital travel and aviation collaboration for entrepreneurs. The core of our company strategy is to put airlines in a perfect position for the digital future. Together, we will become true sources of potential and inspiration for innovative ideas"

Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2017