Technology

Optibus lands $40M to accelerate growth of AI-based SaaS platform

Posted on December 13, 2018

This latest round of investment will give the company greater visibility in North America as the leader in transit optimization and dynamic transportation planning.
Screenshot via Optibus
This latest round of investment will give the company greater visibility in North America as the leader in transit optimization and dynamic transportation planning.
Screenshot via Optibus

Optibus, which modernizes mass transit for the world's leading transportation operators with its Software-as-a-Service (SaaS) platform, announced the closing of a $ 40 million Series B financing round, led by Insight Venture Partners with a strategic investment by Alibaba Group.

The Series B funding will drive future product innovation and support expansion into new and existing markets. Existing investors, including Verizon Ventures, Pitango Venture Capital, New Era Capital, and Sir Ronald Cohen, also participated in the round.

Optibus creates an operational plan and schedule that orchestrates the movements of every vehicle and driver in a city-wide transportation ecosystem, choosing the best options available to transit operators and agencies, and creating better service for passengers with lower operating costs.

Since its Series A funding round in 2017, Optibus has expanded its presence in North America and Europe. The company has also seen its sales grow by 400% and its product chosen for more than 300 cities worldwide.

This latest round of investment will give the company greater visibility in North America as the leader in transit optimization and dynamic transportation planning. It will also provide the financial wherewithal for Optibus to develop the software that will assist transit agencies and cities make the dream of smart city integration come true, company officials told METRO Magazine.  

"Every city on the globe runs a multi-million to multi-billion dollar mass transit service, yet the operations rely on outdated software and manual practices to plan, optimize, and run transportation," said Amos Haggiag, co-founder and CEO of Optibus. "This wastes resources and delivers poor passenger service. On the other hand, rapid innovations in urban mobility are pushing transportation providers to modernize, and Optibus creates the technology infrastructure that can ensure better performance from the passenger's point of view."

Optibus currently drives some of the most complex and large-scale transportation operations worldwide, helping improve quality of service and efficiency, increase service availability and predictability, reduce costs, and streamline operations for some of the world's largest transportation providers including Keolis, First Group, Transdev, and RATP Dev.

View comments or post a comment on this story. (0 Comments)

More News

Lytx to participate in Qualcomm Smart Cities accelerator program

The program helps connect cities, municipalities, government agencies, and enterprises with "smart city" tech-based solutions.

Denver's Uber Transit app showing strong initial performance, growth

Riders are using the Uber app to plan and book their transportation from home, to work, to appointments, and to the airport.

VIA launches first interactive 'smart city' kiosk in San Antonio

The interactive wayfinding system provides transit customers and downtown visitors with real-time traffic and transit information. 

Calif. city launches new 'smart' signal priority system for mass transit

Reduces traffic signal delays, and uses AI to anticipate users’ arrivals at signalized intersections and then request priority.

Study testing Pedestrian-Avoidance Safety System for transit buses

Using Lidar technology, PASS is designed to help professionally-trained operators avoid or reduce the severity of a collision.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation