Optibus has announced the closing of a $ 40 M 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.
The company is known for its AI-based mass transportation platform that leverages AI and advanced algorithms to help more than 300 cities improve mass transportation operations and rider experiences, making mass transit central to the future of mobility.
The Optibus platform is an end-to-end, SaaS offering that powers mass transportation. It 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 percent and its product chosen for more than 300 cities worldwide.
Today, Optibus drives transportation operations worldwide, helping improve quality of service and efficiency, increase service availability and predictability, reduce costs and streamline operations.
Source: Press Release