The round was led by Activate Capital, with participation from new investors Munich Re Venture’s ERGO Fund, LG Technology Ventures, BNP Paribas, Sony Innovation Fund, Ally Ventures and Khosla Ventures, as well as DENSO. These investors joined Cox Automotive, Initialized Capital, DENSO, Penske, Deutsche Bahn and Mitsui who were announced in May as Series B investors.
The new investments have more than doubled the capital raised in the initial Series B round—$28M—to more than $60M. In conjunction with the new funding, Raj Atluru, Managing Director and Co-founder of Activate, joined the board as the first outside director.
The company intends to use the funds for the continued development of its mobility and operations platform.
Founded in 2009 by Aarjav Trivedi, CEO, Ridecell provides a new mobility cloud platform for carsharing, ridesharing and autonomous ridehailing, which enables customers to launch mobility services, operate efficiently, and scale revenues as business grows. Through its acquisition of Auro, the company also provides a comprehensive suite of L4 on-vehicle software, sensors and controls that enable autonomous vehicle operation.
Ridecell has already processed over 25 million rides and rentals, and has a team of more than 120 professionals in the US, Europe, Asia, and Australia.
The company now powers new mobility offerings, including ReachNow, mobility service from the BMW Group, ZITY by Groupe Renault and Ferrovial, and GIG Carsharing service by AAA. In addition, Ridecell powers dynamic shuttle services for campuses such as Georgia Tech, UC Berkeley, UCSF, 3M, and transit agencies like SouthWest Transit.
FinSMEs
13/11/2018