AviationX Raises $1.6 Million in Equity Funding; Tim and Nick Stojka, Wired@tlantic Among Initial Investors.Business Editors/Airline &High-Tech Writers WASHINGTON--(BUSINESS WIRE)--Feb. 8, 2000 aviationX, Inc., set to provide the aviation industry with its first neutral, global business-to-business (B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business ) electronic marketplace, has raised more than $1.6 million in equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. . The Internet company will use this round of initial funding to focus on rapid deployment of its aviationX.com network and the formation of strategic partnerships and alliances. The funding comes from Tim Stojka, Nick Stojka, Wired@tlantic and a group of aviation industry insiders. Tim and Nick Stojka are co-founders of PlasticsNet.Com, the leading B2B e-marketplace for the plastics industry, and its parent company Commerx, Inc. Wired@tlantic is a privately held venture fund focusing on global e-commerce investments. &uot;These investors are ideal financial and strategic partners for aviationX and will help us streamline the way the aviation industry exchanges goods, services, information and resources,&uot; says Henrik Schroder, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of aviationX. &uot;Tim and Nick Stojka are recognized leaders in the B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. arena. Wired@tlantic truly understands e-business and the implications it will have for the global aviation industry.&uot; &uot;With so many companies entering the B2B marketspace  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. , it is exciting to find one that has the right people, the right model and the right execution strategy to successfully improve industry processes,&uot; says Tim Stojka, founder, chairman and CEO of PlasticsNet.Com and parent Commerx, Inc. &uot;We believe aviationX will provide the aviation industry with significant savings by offering mission-critical applications that will streamline the information and supply chain processes. As we have seen in other sectors, industries with complex, diffuse supply chains migrate very quickly to e-commerce solutions.&uot; &uot;An energized management team with domain expertise and deep industry networks is crucial to succeeding in the B2B e-commerce arena, and aviationX boasts such credibility,&uot; says Erik Tiller, chairman of Wired@tlantic. &uot;Having come from within the industry, the company knows exactly what is needed to drastically reduce resource and cost expenditures and is, in fact, designing its network with input from users on both the buy-side and sell-side.&uot; The company's aviationX.com network will offer the industry's nearly 25,000 buyers, sellers and intermediaries a range of value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. , from message boards and user group forums to advanced e-commerce applications with decision support capabilities, all fully integrated with users' back-office systems. The company is targeting buyers such as airlines, cargo operators, maintenance facilities and overhaul facilities to use the e-marketplace to grow their base of suppliers, find better prices, lower their purchasing costs and streamline their information needs. The company is also targeting suppliers such as aircraft manufacturers, systems and components manufacturers, overhaul facilities and repair shops to use aviationX.com to expand their marketing reach, grow their customer base and reduce their transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). . aviationX.com users will save significant amounts of time and money by using the network to exchange information and procure goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . For example, users who source aircraft parts and components through the network are estimated to save up to 15 percent, thanks to streamlined processing and documentation, second sourcing pricing dynamics and working capital savings. About aviationX Founded in 1999, aviationX, Inc. is set to provide the rapidly growing $350 billion commercial aviation industry with its first neutral, global electronic marketplace. With North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. offices in Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. , the privately held Internet company will offer aviation's nearly 25,000 buyers, sellers and intermediaries a simple and easy way to conduct commerce, consume content and build community using aviationX.com, its secure, custom-built and vertically integrated network A network that supports both data and voice and/or different networking protocols. See converged network and new public network. . For more information, please visit http://www.aviationx.com or call toll-free 877-751-7100. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion