From time to time a new product arrives that we know we can really use.

Farecast is one of them. Farecast helps predict whether prices for flight tickets are about to go up or down. With this information, you can make easier, more informed decisions about when to buy your tickets.

Mike Fridgen, Farecast’s VP Marketing, told us about the product several months ago, but it was in closed testing mode. Today it opens to the public, though it is still limited to Seattle and Boston airports (totaling about 60 destinations each), he told us. They’ll be expanding airports and destinations this year, and we’ll let you know when SF, Oakland and San Jose are included.

These guys have been working on this for three years. The product is pretty slick (click on image below, for example). It shows whether the lowest fares for their trip are rising or dropping over the next 7 days. Farecast also provides the level of confidence it has in its predictions (which it calculates based on past experience) and gives you other buying tips. It provides flexible trip planning. Will they get the airlines to cooperate? Fridgen said Farecast is talking with “all the airlines” and said only that “several” are so far participating. Click on a few examples, though, and you will see that the major airlines seem to be included.

Greylock Partners, which has offices here in the valley, led a $7 million investment in the Seattle company last year. Madrona Venture Group and WRF Capital are also investors.

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