Israeli AI public transport co Optibus raises $107m
14 March 2021 - globes
The company's optimization and AI algorithms improve mass transit for passengers while also increasing operational efficiency.
Israeli AI platform developer for public transport and bus schedules Optibus, announced today that it has raised $107 million in a Series C financing round, co-led by Bessemer Venture Partners and Insight Partners with participation from existing investors including Verizon Ventures, Pitango, New Era Capital Partners, Dynamic Loop and Blue Red Partners. This latest round, brings to $160 million the amount raised by Optibus.
The funding comes as Optibus launches its geospatial suite, which makes transport networks more passenger-friendly by visualizing crucial geographic information while planning routes - such as bike paths that riders may use on the way to or from public transit, or the shopping districts, schools, health clinics or job centers where passengers may want to go.
Optibus will use the new investment to expand global marketing and enhance product capabilities such as optimization and AI algorithms that improve mass transit for passengers while also increasing operational efficiency. The funding will also go toward accelerating deployment of zero-emission vehicles - replacing mass transit fleets based on fossil fuels and lowering emissions worldwide.
Optibus was founded in 2014 by CEO Amos Haggiag and CTO Eitan Yanovsky.
Haggiag said, "The pandemic has made it more challenging for cities and transportation operators to provide safe and efficient public transportation, while also highlighting just how essential these services are. It's now of critical importance that we modernize the public transit industry not only for the industry's sake, but for the communities around the world that seek transit equity, freedom of movement for all residents, and environmentally sustainable cities. This funding will help us do just that."
Optibus powers complex transit operations in over 450 cities around the world, including New York, Los Angeles, London, Melbourne, Brasilia, Hong Kong and Singapore. Customers include US agencies LADOT (Los Angeles), NICE (Nassau County, New York) and AVTA (Antelope Valley, California), and two of the largest bus operators in the UK: First Group and Stagecoach.